Money Management Executive Latest News

The BISYS Group reported net income for its fiscal fourth quarter ending June 30 of $37.3 million, or 30 cents a share, a 30% increase from net income of $28.7 million, or 23 cents a share, in the fourth quarter of last year. Revenue for the quarter was $238.7, an increase of 23% from $194.7 in the period a year earlier.

Wisconsin has extended tax deductions in its EdVest 529 college savings plan to grandparents. Beginning with their 2002 tax return, grandparents will be able to deduct up to $3,000 of annual contributions to EdVest per grandchild.

AIM Management's Web site, www.aimfunds.com, has been named the top financial professional Web site in Dalbar's second quarter 2002 WebMonitor report, AIM Distributors announced. This is the seventh consecutive quarter that Dalbar has distinguished AIM with the honor, according to the firm. Dalbar also ranked the site as one of the top 10 consumer Web sites.

Daniel Dart has joined Merrill Lynch Investment Managers (MLIM) as chief operating officer of the Americas third-party retail. Dart will oversee efforts to expand the firm's retail distribution through broker/dealers, registered investment advisers, insurance companies and banks.

Franklin Templeton Investments last week announced that it has formed a new retirement division, unifying two separate groups previously called strategic alliances and defined contribution services. Rick Frisbie will be president of the new division.

Allied Investment Advisors (AIA) has promoted James Hannan to managing director and head of the firm's fixed income team, a new position at the firm.

Orbitex Funds Distributor has named Frederick Graboyes president, the company announced earlier this month. Orbitex Funds Distributor, the brokerage subsidiary of Orbitex Financial Services, serves as distributor and broker for third-parties as well as the Orbitex family of mutual and hedge funds.

Evergreen Investments, the investment management arm of Wachovia Corp., has named Howard Present senior vice president and director of product management. Present replaces Patrick Bannigan, who left Evergreen to join Touchstone Securities.

Assets in separately managed accounts totaled $417.1 billion at the end of the second quarter, the Money Management Institute reported today. That marks a 3.5% increase from assets of $403.1 billion in the second quarter of 2001, a 1% increase from assets of $413.3 billion in the first quarter of this year and a 4.3% increase from assets of $399.7 billion at the end of 2001, according to the Money Management Institute.

Total hedge fund assets around the world grew 34% in 2001, with investors placing $144 in additional assets in such vehicles for a total $563 billion, according to a report Merrill Lynch released this week.