Money Management Executive Latest News

Neuberger Berman has announced that Wayne Plewniak is now a senior portfolio manager for its newly launched high-income bond fund. The fund was created through a reorganization of the Lipper High-Income Bond fund, which Plewniak previously managed, and the Neuberger Berman High-Yield Bond fund. This follows an agreement between Neuberger Berman and Lipper, whereby some members of Lipper's high-yield bond team were transferred to Neuberger Berman.

Gartmore Group said Simon Melluish has been promoted to senior portfolio manager for the Gartmore Total Return Fund. Melluish will join William Miller, senior portfolio manager, and will replace Charles Bath, who will leave the firm later this month. In addition, Melluish will be responsible for the Gartmore Nationwide Leaders fund and the Gartmore Total Return fund.

Catherine M. Jackson has joined Global Asset Alternatives as managing director. Jackson will have overall responsibility for the firm's hedge fund investments.

Wholesalers of investment products and services, including mutual funds and annuities, saw their total cash compensation dip an average of 18.6% last year, according to a DGL Consultants survey.

Nearly 70% of financial industry professionals believe the USA Patriot Act will achieve its projected goal of preventing terrorists from financing and money laundering via the U.S. financial systems, according to a recent poll by eFunds.

State pension plans lost $122 billion in assets due to the sharp market decline of the past year, depleting their assets-to-liabilities ratio by 9%, according to a report by Wilshire Associates. The net result is that major state retirement systems' liabilities have outpaced growth in assets, according to the report, authored by Steve Nesbitt, senior managing director at Wilshire.

MetLife has brought a principal-protection savings option to its North Carolina 529 college savings program. The new Protected Stock Fund requires contributors to contribute $1,000 for at least five years.

Bill Seale, a principal and director of portfolios at ProFund Advisors of Bethesda, Md., has more than 30 years of experience in financial services. At one point in Seale's career, he was appointed commissioner of the U.S. Commodity Futures Trading Commission by then President Ronald Reagan. Seale oversees the management team in charge of ProFunds' 74 specialty bull and bear index funds, two money market funds and 22 variable insurance products, with a total of $2.5 billion under management. The firm's bear funds have the dubious distinction of being some of the best-performing funds so far this year. MFMN Associate Editor Chris Frankie recently interviewed Seale.

Male bonding is all too familiar, particularly in the male-dominated investment business. But now a few mutual fund companies are going out on a limb with a little "female bonding" to reach a target market all too often misunderstood: Women.

Skandia Insurance Co. is poised to back out of the American market by selling American Skandia, its U.S. variable annuity and mutual fund arm. Jefferson Pilot Financial of Omaha, Neb., is said to be paying $600 million for the Shelton, Conn., insurance company, which, with $23.1 billion in assets, is the 10th largest annuity company in the U.S.