Money Management Executive Latest News

Let's not have another chad fiasco like the one that happened in the last presidential election.

Some of the mutual fund giants are the hubs of the worst-performing mismanaged bond and equity funds, and it is time for investors to take their money elsewhere, according to Doug Fabian, in his fourth quarter 2002 lemon list.

In this second part of our two-part series on wrong net asset values (NAVs), we go beyond last week's column on what causes wrong pricing to explore what a fund does when it just can't get the NAV right.

Lord Abbett has been there, done that, and is still doing it. With a track record spanning three quarters of a century, the firm launched its "Deja vu" print campaign at the end of last year to let people know that they've been around, are still around - and is a firm investors can continue to count on to chart a sound course through the markets far into the future.

Lincoln Financial Distributors (LFD), the wholesaling distribution organization of Lincoln Financial Group, has appointed Gregory M. Smith as managing director and head of its bank channel. Prior to LFD, Smith was the senior VP of financial institutions for Zurich Kemper Life, a subsidiary of Zurich Financial Services, where he managed the design, implementation and overall coordination of Zurich's retail distribution strategy.

OppenheimerFunds, has named Kurt Wolfgruber as CIO. Wolfgruber, currently the company's senior investment officer and director of domestic equities, succeeds Leonard Darling, who will continue as vice chairman until his retirement this summer. Wolfgruber, who joined the firm two years ago, had been responsible for the investment process of $50 billion in assets managed by the company's domestic equity portfolio teams.

Christos Cotsakos, who built E*Trade Group into a well-known online bank, has abruptly resigned. Although the company did not give a reason for the CEO's departure, he did spark controversy last year when news surfaced of his $80 million-pay package for 2001.

Credit Suisse Asset Management (CSAM), the asset management business of Credit Suisse, has appointed Heinrich Wegmann as chief executive of CSAM Europe in an effort to revamp its management. Wegmann was previously chief executive of CSAM Switzerland.

Advantage Energy Income Fund has named Peter A. Hanrahan controller and CFO. Moreover, the income fund also said Jeffrey Jongmans has resigned as VP of finance and CFO to pursue other interests. Hanrahan formerly held the position of controller for Advantage as well as its predecessor, Search Energy Corp. The company said Hanrahan has held senior financial positions with PricewaterhouseCoopers and an unnamed senior Canadian oil and gas company.

U.S. Bancorp Asset Management, has elected Wendy Schoppert to head its revamped product, marketing and corporate development department. Schoppert, who joined the firm in May, will also be a member of the firm's operating committee and assumes responsibilities from Peter Torvik, who recently left the firm.