Money Management Executive Latest News

Ibbotson Associates announced the promotions of both Matt Radgowski and Stephen Reynolds to the position of vice president.

James A. O'Malley has been named senior vice president public affairs for the American Institute of Certified Public Accountants, effective Sept. 9.

Federated Investors will consolidate its three investment management units into two newly formed groups that will oversee equity and fixed-income portfolios.

Assets in the nation's mutual funds declined $252.8 billion in July to $6.4 trillion, the Investment Company Institute reported. Stock funds had a record outflow of $52.6 billion. While the equity fund outflow set a record, however, it represented only 1.7% of equity fund assets, compared with the October 1987 outflow of 3.7%, the ICI said.

Atlas Advisors has picked Madison Investment Advisors to sub-advise two no-load mutual funds.

Although 59% of Baby Boomers believe retirement will hold "the best years of their lives," 47% will continue to work into their golden years because of inadequate retirement savings, according to a recent survey by Allstate Financial. In all, 71% of boomers intend to continue working, with some of those doing so for social contact or to simply keep busy.

Transfer agent, accounting and administrative firm PFPC has created an online cost basis accounting service specifically for broker-controlled mutual fund accounts. Called PFPC-CBA, the tool automatically calculates gains and losses at the time of redemption for broker-controlled accounts. It also enables broker/dealers to trace the cost of transfers, fund mergers, share class rollovers and stock splits.

Parents and grandparents are concerned about the cost of college, but many remain uninformed about Section 529 college savings plans. Of the consumers surveyed for Alliance Capital's College Financial Preparedness Poll, 29% were very concerned, and 37% were somewhat concerned about the cost of college.

Think a hedge fund can't exist in the open-end mutual fund universe? Think again.

Money market funds are often where the buck stops, and starts, for mutual fund companies.