Money Management Executive Latest News

WASHINGTON - In the aftermath of the easy money of the 1990s, segmentation and retention have become the mutual fund industry buzzwords for the new century, and the new way of doing business.

WASHINGTON - Paul Roye, the Securities and Exchange Commission's director of the division of investment management, issued a wakeup call for the mutual fund industry, telling attendees that the industry's place in the market is not assured, during remarks at the Investment Company Institute's annual convention here.

Victory Capital Management, the asset management division of KeyCorp, will acquire NewBridge Partners, a growth equity investment management firm with $2 billion in assets.

MetLife Retirement & Savings, an administrator of defined benefit and defined contribution programs, has selected ADP Investor Communication Services to provide 401(k) print services for its small- and mid-sized clients.

PFPC, a member of the PNC Financial Services Group, has promoted Sam Sparhawk IV as head of the custody and securities lending businesses of PFPC Trust Co.

Gartmore Global Investments has hired J. Chris Meyer as senior vice president of marketing, reporting to Wilson Santos, executive vice president of distribution.

The Genomics Fund, a mutual fund specializing in investing in the genomics industry, has appointed Robert J. Sullivan portfolio manager for the fund. Sullivan is chief investment officer of Satuit Capital Management and investment manager of the Satuit Capital Microcap Fund. Sullivan replaces Steven T. Newby, who has managed the fund since its inception in March 2000.

George Wilbanks is managing director in the investment management practice at Russell Reynolds Associates' New York headquarters. This is the inaugural edition of his new quarterly "Power Plays" column, in which he will discuss recruiting trends.

To support its separately managed account business, Phoenix Cos. has been running a print campaign, "Money, it's Just Not What it Used to Be," for the past four years to convey the idea that the old perception of money has changed. Just last month, the Financial Communications Society awarded the campaign a gold award for corporate image.

Securities and Exchange Commission Chairman William Donaldson announced last week that the comment period from the hedge fund roundtable will remain open until July 7, 2003. The public can submit materials to be included in the public record by sending them electronically to hedgefunds@sec.gov or submitting them in hard copy to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0609. All submissions should refer to File No. 4-476.