Money Management Executive Latest News

Waddell & Reed Financial announced yesterday it will purchase Securian Financial Group’s subsidiary Advantus Capital Management, which has $2.1 billion in assets under management in the Advantus Funds and the Advantus Series Fund, Inc., a family of funds used as subaccounts in annuities and insurance. Those funds are included in products managed by Minnesota Life Insurance Company, another Securian subsidiary.

Mutual fund giant Franklin Resources yesterday said earnings for its second quarter ended March 31 dropped nearly 9% as a continued slowdown in equity markets pared the value of assets under management.

Income, insurance and asset protection will be the name of the game for the 78 million Baby Boomers as they retire, and only those investment firms that can meet these criteria will win the upcoming $11 trillion game.

The tech sector, which has been avoided by fund firms, may promise a strong rebound as tech funds have been the big winner so far this year and many tech firms are reporting robust first-quarter earnings, Associated Press reports.

Dan Geraci is leaving his position as president and CEO of Pioneer Investment Management to become president and CEO of Phoenix Investment Partners, a subsidiary of The Phoenix Companies with $54 billion under management. In his new position, which Geraci assumes in the middle of next month, he also becomes an executive vice president of the parent company.

Federated Investors is committed to expanding in equities despite a three-year bear market, President and Chief Executive Officer Christopher Donahue told Reuters following its earnings report yesterday.

After completing a series of acquisitions to increase its retirement services capabilities, Wachovia Corp. believes it now has the size and the power needed to cross-sell retirement products to its banking customers.

After a five-year slump that lasted through last October, junk bonds have been on a tear over the past six months. But they haven’t worn out their welcome with investment professionals yet.

Rydex Global Advisors announced yesterday it will start its first exchange-traded fund. The Rydex S&P Equal Weight ETF, which is based on the Standard & Poor’s 500 equal-weight index, is to become available April 30.

Faced with its weakest quarterly revenue level in over four years and running out of room to cut costs, Charles Schwab Corp. yesterday said it would look at other ways to increase income and shore up profits.