Money Management Executive Latest News

AMP, Australia's biggest life insurer and fund manager, completed a capital raising on Friday that is the first step in its restructuring, Reuters reported. Analysts and bankers say the plan could set AMP up as a takeover target.

Prudential Financial has finalized its purchase of variable annuity insurer American Skandia. The unit, launched by parent company Skandia in 1987, had suffered declines in assets and financial stability ratings prior to the acquisition.

Wilmington Trust is offering a Web tool for retirement plan sponsors and administrators that will allow them to view their participants’ payments to their retirement plans on the Internet.

William L. Wilby, manager of the Oppenheimer Global Fund, contends that the fact that investing overseas hasn’t offered U.S. investors much diversification is an argument for, not against, putting money into a global mutual fund.

Fidelity Investments' top investment executive expressed shock at recent revelations about securities firms' misbehavior, yet urged the industry to help the investing public not to lose complete faith in the system, The Wall Street Journal reports.

Manulife USA has added a new utility to Manulife Private Account, its separately managed account platform. The so-called proposal generator creates customized portfolios generated from a series of questions.

Yields on taxable money market funds remained mired at record lows in the week ended April 29, according to Money Fund Report. This prompted investors to pull almost $24 billion in cash from the funds, Reuters reports.

Conseco has made management changes and put the brakes on its individual annuity and life insurance lines. Liz Georgakopoulos, once president of the insurance unit, is no longer with the company, and three senior members of her team have also left. Bill Shea, CEO, has assumed the role of president of the insurance group.

Janus Capital Group Inc. has moved to expand its Asian distribution by signing an agreement to offer its funds through 30 Taiwan banks. The move comes as its assets under management fell again in the first quarter.

Fidelity employees whose base salary is lower than $75,000 will be eligible for merit pay raises this year, thanks to the strong performance of the biggest U.S. mutual fund firm, Reuters reports.