Money Management Executive Latest News

Regulators Take Hard Look At Cherry-Picking in Ads

New York Life Insurance Co. board members have elected Frederick J. Sievert as president of New York Life. Sievert is a member of the company's executive management committee, which establishes management policies in all areas of the company's business and affairs. He also serves as chairman of NYLIFE Insurance Co. and is both the president and a board member for New York Life Insurance and Annuity Corp.

InvestorForce has promoted Jim Dunn to vice president in its alternative investment development division, where his responsibilities will include starting product development and national sales initiatives.

Shauna Sexsmith has joined MFC Global Investment Management as vice president and senior portfolio manager. Prior to MFC Global, she worked for Altamira Management, managing several hundred millions of dollars in assets, in both institutional and retail funds.

Sectoral Asset Management has elected Frederick Frank, to its board of directors, marking the first time the company has appointed a U.S. board member. Frank is currently the vice chairman and a managing director of Lehman Brothers. He is also chairman of the National Genetics Foundation.

I read, with interest, your article "Small Fund Disaster Plans in Bad Shape" [MFMN 10/7/02].

The Securities and Exchange Commission has proposed additional rules to regulate mutual fund audit committees more closely; the regulations are the result of the Sarbanes-Oxley Act, which President Bush signed last summer in response to rampant scandal on Wall Street.

Old Mutual's U.S. management group has formed Old Mutual Investment Partners, a new company that will distribute the asset-management expertise of various Old Mutual firms to program sponsors in the managed account marketplace.

Fresco Index Shares, a unit of UBS AG, will distribute new exchange-traded funds based on European indexes in the U.S.

Phoenix Investment Partners, the investment management subsidiary of The Phoenix Cos. has published a handbook called "The Managed Account Handbook: How to Build Your Financial Advisory Practice Using Separately Managed Accounts."The book focuses on the best practices of top advisors in separately managed accounts.