Money Management Executive Latest News

Stock funds regained popularity among investors who had preferred bond funds during the stock slump, with a stock index fund run by the Vanguard Group becoming last month’s best-selling U.S. mutual fund, Reuters reports.

T. Rowe Price reported a 27% drop in quarterly earnings Friday, citing continued weakness in stock market valuations amid a grinding bear market.

In spite of the eight-day war rally in the middle of last month that drove major equity indexes up 11%, investors are still exercising caution, Lipper reported last week. Bond funds remain the strongest-selling sector among mutual funds.

Helen Young Hayes' declaration last week she is leaving her position as managing director of investments at Janus Capital could disturb the ailing fund giant's attempt to remake itself from a growth shop in order to retain assets. It could also signal the end of an electrifying era for the firm.

Mutual fund complexes are beginning to realize that implementing anti-money laundering programs requires more than just flag-waving. In fact, the rules are complicated, expensive and, because they are being set in stages, confusing.

Floating rate bank loan mutual funds were the low volatility, high-yield, fixed-income fund choice of investors in the mid to late '90s. But since the turn of the century, many of these funds have been searching for a life preserver.

Jefferson Pilot Financial has hired Carol Rando as vice president of marketing and distribution operations. Rando most recently comes from Travelers Life & Annuity, where she had been operating chief of life distribution.

The board of directors of Associated Banc-Corp. has tapped Paul S. Beideman as its new president and chief executive officer, replacing Robert C. Gallagher, who is stepping down.

Chicago Equity Partners has hired Todd Davis as its new director of national Taft-Hartley client service and sales.

Portfolio Services Group, a subsidiary of The Burridge Group, has hired John Erard as executive vice president and director of sales.