Money Management Executive Latest News

Assets in exchange-traded funds grew 8.6% to $100.83 billion, according to The Investment Company Institute.

Over the next five years, 500,000 jobs at American financial services firms will move overseas, according to a study by A.T. Kearney. Eight percent of the workforce will lose their jobs to offshore locations at mutual funds, banks, brokerages and insurers. Companies anticipate saving $30 billion annually as job relocations begin to involve increasingly sophisticated positions within companies.

State Street Corp. has been awarded two contracts to provide custodian and administration services for Scudder Investments and Aon Asset Management.

The Stanton Group and LOMA have teamed up to conduct a new survey that tracks compensation of portfolio managers according to fund performance and size. Results are expected to be published in September and are intended to help fund companies pay portfolio managers on a more consistent basis.

Berkshire Hathaway has appointed two new executive directors to its board of directors.

The boards of directors of Seligman Quality Municipal Fund, Inc. and Seligman Select Municipal Fund, Inc. announced the re-election of three directors and the election of a new Director at their annual meeting in New York.

Liberty Acorn Fund manager Ralph Wanger has announced that he will be stepping down from his position at the end of September. He will hand his responsibilities to longtime co-manager Chuck McQuaid, according to a company announcement.

Franklin Templeton Investments has named Jim Baio the new financial chief of Franklin Resources and Jennifer Bolt the new chief information officer. Both have also been named senior vice presidents with the firm. The moves were effective May 15.

Mutual funds are facing their greatest challenges in their existence. Can they remain the dominant investment of choice?

Many mutual fund companies are happy just to have survived a brutal bear market that has obliterated more than $1 trillion in industry assets. Some fund complexes, though, have managed not only to survive but to grow assets and capture new market share.