Money Management Executive Latest News

NEW YORK - Lipper is honing in on Morningstar's dominance in the intermediary market. "Absolutely, there's no question that we are" going after the intermediary business so dominated by the Chicago data behemoth, said Robin Thurston, director of research at New York-based Lipper, when asked if that is Lipper's intent, following a "Lipper Leaders" press conference last week.

Auditors auditing themselves. Fund boards voting themselves pay raises even as assets decline. Directors acting not just as executives' lapdogs, but like "Chihuahuas." Com-plexes permitting recent alumni to meet independent directors requirements. Soft dollars. Portfolio pumping.

Europe's $3.5 trillion mutual fund industry will grow at a 14% compound yearly growth rate between the end of this year and 2006, ahead of both the global 10% rate and a projected 9% rate in the U.S., according to CA Global Update.

Variable annuity assets in the second quarter were $829 billion, down 8.9% from the previous year's $910 billion, according to a report from the National Association for Variable Annuities. Flow figures present a contradictory picture, as total premium flow figures appear relatively stable, while net flows indicate a continued decline in VA assets.

Charles Schwab will lay off 1,800, or approximately 10% of its current 18,000 workforce, as part of ongoing measures to save $225 million a year, the firm announced. This latest round of cuts comes on top of the elimination of 7,500 staff since the beginning of last year [see MFMN 8/19/02].

Neuberger Berman has launched the High Income Bond Fund, the result of the reorganization of two other funds, the Neuberger Berman High-Yield Bond Fund and the Lipper High Income Bond Fund, into a single product. Per an agreement with Lipper, certain members of the Lipper fund's high-yield bond team will now become employees of Neuberger Berman.

Delaware Investments has hired Thomas McConnell as senior vice president to manage its 529 college savings plan group. Prior to Delaware, McConnell served as the vice president and director of a 529 product management team with Alliance Capital Management. There, he developed and launched the CollegeBoundfund 529 savings program in Rhode Island, which became a principal 529 program in the nation. McConnell began his career with Arthur Andersen as a senior analyst.

Northern Trust Global Investments has appointed Daniel Sperrazza director of fixed income research and Timothy Frechette director of fixed income trading.

Annuity and Life Re has announced the retirement of Lawrence Doyle from president and CEO. Though he has resigned, Doyle will remain with the company on a provisional basis to assist with certain projects. Annuity and Life Re has employed an executive search firm to find a replacement.

CRA RogersCasey has appointed Alan H. Dorsey managing director of hedge fund research. Dorsey will direct hedge fund and fund-of-funds re-search conducted by the research staff in both the company's Connecticut and Massachusetts offices.