Money Management Executive Latest News

On the heels of laying off 5% of its workforce, Amvescap PLC has reorganized its subsidiaries, AIM and Invesco. Mark H. Williamson will be the CEO of AIM and John D. Rogers will be CEO of Invesco. The Managed Products, Institutional, and Global divisions will be dissolved and the Invesco Retirement division will be renamed Amvescap.

Martin Zweig, who chairs the boards and serves as an officer for two closed-end funds that bear his name, will resign in late November, the boards of directors for both funds said Friday.

Gabelli Asset Management said it is partnering with hedge-fund manager Grove Investment Advisors and J. Iain Smith, its principal. Smith, who will join Gabelli on Nov 1., has spent a large portion of his career specializing in the oil, gas and power sectors, most recently managing a long/short hedge fund.

Hartford Life has reorganized its investment products division, creating distinct divisions to serve institutional and retail clients. John Walters remains EVP of the division, supervising David Levenson, SVP in charge of the retail product management group, and Stephen Joyce, SVP in charge of the institutional product management group.

Zweig to Give Up Post At Closed-End Funds:Former Phoenix CEO Will Replace Him

SCOTTSDALE, Ariz. - Anti-money laundering, the high standards of the rich, further automation and advancing the power of the Internet were some of the top-line issues at the Investment Company Institute's Operations Conference here.

NEW YORK - If only they knew. Many investors who don't own annuities might be interested in buying one - that is, if only they understood how annuities worked. Comparatively, mutual funds do a far better job of reaching investors, even though there is a great deal of work funds can do in improving their image as being a risky investment.

Ten years after launching its first retail mutual fund, Ohio National Investments, the asset management division of Ohio National Life Insurance Co. of Cincinnati has chosen to close all eight of its floundering retail funds. The cause of death? Lack of fund sales, dismal performance coupled with a prolonged bear market, and the inability to achieve economies of scale across the fund group, according to a recent proxy filing with the Securities and Exchange Commission.

As the newly wealthy have begun to dominate the high-net-worth classes, old truths are fading.

The 401(k) reform bills that have been brewing in Washington for the past year will likely be tabled until the 2003 session of Congress.