Money Management Executive Latest News

The Bank of New York (BONY) has just signed managed account deals with insurance giant ING Group and a small North Carolina trust company to expand its managed account niche by supplying products to smaller companies and back-office services to larger ones.

So your wholesaler for the Midwest pulled in $8 million in new mutual fund assets in February, with a 1.8% average annual fee. Is that really going to be $144,000 in additional revenue to your firm's bottom line, or is the amount of time it took for your wholesaler to drop those tickets, the fact that the bulk of them were C shares and you've locked yourself into a high commission structure, really going to knock that down to $87,000?

How old are you, again?

Schroders has appointed Mark Hemenetz as COO of its North American business, where he will play a key role in implementing the group's operating strategy in the Americas. Hemenetz comes from The Bank of New York, where he held numerous senior roles, including his latest as executive VP, investment management.

Leo Dolan, a 12-year veteran of the industry, has joined Brinker Capital, a specialist in managed accounts, as a principal of the firm. As a member of the senior management team, Dolan will work to build the firm's sales among financial advisers throughout the nation.

Michael E. Kenneally has joined Credit Suisse Asset Management as global chief executive officer. Kenneally was previously president of investment management and chief investment officer of Bank of America, as well as chairman and chief investment officer of Banc of America Capital Management.

Banc of America Capital Management President and Chief Executive Officer Robert H. Gordon will take on an expanded role, with the departure of Michael E. Kenneally. Gordon will now assume responsibility for the investment management teams, with equity, fixed income, cash investments and the alternative and investment strategy teams now reporting directly to Gordon.

David Joy is now the vice president of capital markets for American Express Financial Advisors, a unit of American Express Co.

Due to the growing complexities of the custody business and the few assets it has supervised, Vanguard will cease acting as custodian for the intermediary market. Instead, the firm said it will improve investment support, although it did not specify how.

TIAA-CREF will be raising mortality and expense (M&E) fees on its Personal Annuity Select July 1. The M&E, at 10 basis points one of the lowest around, will be going up to 40 basis points because the company's variable sub-accounts have dropped in assets.