Money Management Executive Latest News

Fifty-seven percent of fund managers believe U.S. equities are overpriced, according to a survey of 78 mutual and 201 institutional fund managers that Merrill Lynch conducted between July 4 and July 11.

Gabelli Asset Management has just reported revenues of $57.4 million for the second quarter ended June 30, up nominally from revenues of $57 million in the second quarter of last year. The firm's net income, however, fell to $13.9 million in the second quarter, or 46 cents a share, down 12% from $15.8 million, or 53 cents a share, in the second quarter of last year.

Stilwell Financial, parent company of the Berger Funds and Janus, has reported second quarter net income of $73.7 million, or 30 cents a share, down 18% from $90.4 million, or 39 cents a share, in the second quarter of 2001.

Vanguard recently filed an application with the Securities and Exchange Commission for an exemption to offer VIPER exchange-traded share classes on three international index funds: the Vanguard European Stock Index Fund, the Vanguard Pacific Stock Index Fund and the Vanguard Emerging Markets Stock Fund.

Assante Asset Management of Toronto has hired State Street Corp. to provide a broad array of investor services including custody, accounting and fund administration for Assante's family of 14 Optima Strategy funds, with $2.6 billion in assets under management.

American Express Financial Advisors has expanded the individual portfolio strategies it offers investors in its Wealth Management Services division to 55, adding eight new ones, the company recently announced.

David Bianco has joined UBS Warburg as director of U.S. valuation and accounting research. He reports to Stephen Cooper, global head of valuation and accounting research, and Tim Baker, associate director of U.S. equity research.

Dimensional Fund Advisors has hired David New as regional director of client service. He was previously a senior consultant and director of research with Wurts & Associates, an institutional investment consulting firm.

Schwab Capital Markets has hired Dan Charney as senior vice president and senior managing director of institutional sales and Geoff Heyman as vice president and senior managing director of institutional sales. Charney will also act as a member of Schwab's institutional steering committee.

ABN AMRO Bank and Mellon Financial Corp. have announced plans to formalize the global custody services the two firms offer with a new joint venture the two companies will name ABN AMRO Mellon Global Securities. It will be headquartered in the Netherlands and provide global custody and related services to 111 clients with $250 billion in assets in 26 markets, excluding the U.S.