Money Management Executive Latest News

Trying to create a new niche in the 529 market and garner some of the assets of the hundreds of thousands of charitable organizations around the world, Seligman Advisors has come out with a 529 college savings scholarship account.

SEI Investments has rolled out Product Analysis, a mutual fund diagnostic tool that can help fund companies and their sales partners find new ways to market their funds by using statistical information and benchmarking tools from numerous data sources. This should prove particularly helpful to mutual fund wholesalers, who have had to build more of a relationship and offer in-depth consulting to their clients, according to SEI.

John Hancock Funds has recently launched its eighth closed-end fund and its 12th closed-end fund in total.

Kelmoore Investment Co., which manages $400 million in mutual funds and separate accounts, has moved its performance reporting to the APL service from CheckFree Investment Services, a division of CheckFree Corp. Kelmoore's aim is to better serve separately managed account sponsors, as 39 of the top 50 sponsor firms and 36 of the top SMA managers use APL.

Bisys Group has entered the separately managed account business by creating a new separately managed account division that will cater exclusively to SMA managers and distributors. It will provide an array of services including account administration, portfolio accounting and administration, settlement services and billing.

PFPC, a member of The PNC Financial Services Group, Inc. has hired Albert J. Marazza as vice president, sales of PFPC's fund start-up services.

Banc of America Capital Management, the investment management arm of Bank of America, recently named Anthony R. Carmenate to the newly created position of director of marketing, focusing on investment solutions provided to financial advisers and their clients.

Barrow, Hanley, Mewhinney & Strauss (BHMS) has announced the addition of Deborah Petruzzelli to its fixed income team as portfolio manager for asset-backed, commercial mortgage-backed and mortgage-backed securities. In addition to portfolio management responsibilities, Petruzzelli will assume an active role in portfolio strategy and client service.

Pioneer Global Asset Management has promoted Osbert Hood to chief executive officer and president of Pioneer Investment Management USA.

Despite its key role in promoting sound corporate governance and restoring public trust, the mutual fund industry is not taking the necessary steps to right the ship.