Money Management Executive Latest News

Despite month after month of declines in the equity markets, investors continued to open a substantial number of new separately managed accounts, according to a study released today by Financial Research Corp.

DENVER – In a teleconference for securities analysts and shareholders from Janus Capital Management headquarters here this morning, executives of the sixth-largest equity manager in the U.S. mapped out their post-restructuring strategy.

NEW YORK – Sponsors of 401(k) plans and financial planners who otherwise would never consider investing in hedge or arbitrage funds are taking a keener look.

A mid-month rally on Wall Street prompted investors to sock a net $3 billion into mutual funds in October, but the gains were largely dismissed as modest and analysts suspect investors will continue to shy away from equities for months to come, according to a report issued last week by Lipper.

PIMCO Funds Advisor has asked shareholders of six of its funds, including the PIMCO Emerging Markets Floating Rate Fund and the PIMCO Municipal Partners Fund, to permit Salomon Smith Barney to assume investment management and advisory control of the funds. Shareholders are scheduled to vote on the matter Dec. 11, according to a recent filing with the SEC.

The United States’ fund management industry ranked second overall, finishing behind that of Australia, according to Cerulli Associates’ CA Lodestar Update, a 400-page report which is designed to provide an assessment of retail and institutional fund management marketplace in 16 countries around the world.

Steven H. Adler is going to pay for cheating his mutual fund clients – and not just from his wallet. The U. S. District Court in Tampa., Fla., has sentenced the 64-year-old Floridian to five years in prison and ordered him to pay more than $900,000 in restitution to his victims for wire and mail fraud.

American International Group (AIG) has formed a new international retirement savings unit. John A. Graf, currently executive vice president of retirement savings at AIG, will head up the new unit.

ADP Brokerage Services Group has entered into an arrangement with The Depository Trust & Clearing Corp. to distribute the depository’s Domestic Tax Reporting Service, known as DTax to ADP clients.

WM Funds Distributor, an affiliate of Washington Mutual, has named Jeffrey E. Place senior VP and national sales manager. Place's main duties will be on the sales front, revamping the strategy for distributing funds nationally, although he will also oversee wholesalers and manage relationships with key firms. Previously, Place was managing director of both the wealth strategies group and the national accounts at Liberty Funds.