Money Management Executive Latest News

After posting sparkling returns last year, precious metals mutual funds took a turn for the worse in the first quarter of 2003. On average, precious metals funds lost 11.6% in the three-month period ending March 31, reversing a 35.9% gain in the year-ago quarter, according to independent ratings firm Weiss Ratings.

New data released on Thursday from the Hennessee Group, a New York-based hedge fund consulting firm, show that the average hedge fund rose 3.04% in April, whereas the Standard & Poor’s 500 Index rose 8.30%, Reuters reports.

Online broker Ameritrade announced Friday that daily trading volume in April was 124,000, up 7% from 116,000 in the first quarter. However, that was a 12% decrease from average trading volume of 141,000 in the fourth quarter. The firm also said it 31,000 new accounts during April for a total of 2,924,000 accounts.

Northern Trust Corp. has announced that in July it will open a New York City wealth management office, its first outside of Chicago.

If employees in the financial services industry thought layoffs the past few years were tough, it was just a warm-up for what is to come, according to a recent study.

Severe Acute Respiratory Syndrome, or SARS, has infected already-jittery investors with the fear of putting money in Asian markets, but there are several encouraging signs that the continent may not be as scary an investment region as some have suggested.

Baron Capital of New York, the broker/dealer affiliate of mutual fund asset management firm BAMCO and the distributor of shares of four Baron Funds, has been sanctioned by the Securities and Exchange Commission. Also, Ronald Baron, 59, BAMCO's highly visible founder, chairman and chief executive, and two of the firm's traders were punished for their ill deeds.

The mutual fund sub-advisory business has become more than just the icing on the cake for pure-play asset managers; it is evolving into their bread and butter and their ability to garner - and keep - relationships is the key to remaining viable.

The Northern Trust Company announced that Robert A. Meier has been named president of Northern Trust Bank-Georgia, overseeing the company's new office in Atlanta. He reports to William L. Morrison, Northern Trust's president of personal financial services.

Wells Real Estate Funds announced today that Parker Hudson has joined the company as vice president, dispositions. In this role, Hudson will recommend and implement disposition strategies and establish strategic objectives for the Wells property portfolio in accordance with corporate goals.