Money Management Executive Latest News

American Century Investment Management has promoted two senior consultants to newly created positions and has reassigned teams on two portfolios. Phillip Davidson will be the CIO for the value equity discipline and John Schniedwind the CIO for the quantitative equity discipline.

Van Kampen Investments has promoted Managing Director David Swanson to COO. Swanson will report to Mitch Merin, president and COO of the firm's investment management division.

Gartmore Funds has named Steven P. Sorenson senior VP and national sales director to oversee the activities of the firm's external wholesalers and help them build relationships with financial consultants. The company has also appointed several regional sales directors.

The Vanguard Group has posted a new bulletin, Plain Talk on Bond Risks, on its Web site to clear up misconceptions about bond funds, especially concerning their safety. The company said the posting was necessary because of investors' "irrational exuberance" over bond funds this year.

On the heels of laying off 5% of its workforce, Amvescap has reorganized its subsidiaries, AIM and Invesco. Mark H. Williamson is now CEO of AIM and John D. Rogers is now CEO of Invesco.

Mellon Financial has completed the acquisition of the separate accounts division of Ashland Management. Mellon said the move gives its subsidiary, Dreyfus Service Corp., an additional $566 million in separate account assets under management, bringing the total to more than $3 billion. The all-cash deal was announced on Sept. 12. However, terms of the acquisition were not disclosed.

Gabelli Asset Management is partnering with hedge-fund manager Grove Investment Advisors and J. Iain Smith, its principal.

New rules that require 401(k) plan sponsors to provide a minimum of 30 days notice to participants before a plan blackout period were recently published in the Federal Register by the U.S. Department of Labor.

In order to catch the big fish, financial institutions need not worry about recent performance, fees or the size of their organization, because affluent and high-net-worth investors are more concerned with integrity and trust when choosing who to let handle their money.

Banks Sigh With Relief as FDIC Insurance Unchanged