Money Management Executive Latest News

Merrill Lynch has named Mario Paredes as a manager in its multicultural and diversified business development group.

Jorge Vidal has joined Random Walk Computing, a software firm that specializes in the financial industry, as vice president, business development. In this role, Vidal will oversee the firm's global sales.

Charles Mangano has joined Deutsche Asset Management as managing director and head of private clients and asset management. In his new role, Mangano will oversee all marketing and communications efforts, including brand strategy, market research, advertising, media relations and internal employee communications.

The BISYS Group today 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.

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 today. 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.

The 12 financial firms that provide investment options, distribution and marketing for New Mexico’s 529 Arrive Education Savings Plan announced today that they are adding 14 individual mutual funds to the plan. The addition of the new funds brings the plan’s total choices 23 and expands the options to include large-cap, mid-cap, multi-cap, small-cap, international and fixed income funds.

JPMorgan Fleming Asset Management has partnered with Alliance Capital Management to provide Rhode Island’s 529 college savings plan. Called the JPMorgan Higher Education Plan and to be managed by the two firms, it will be distributed by J.P. Morgan Fund Distributors.

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.

The most effective fund wholesalers are aware of a financial adviser’s client base and can therefore make appropriate suggestions to help them build their business, according to a study of financial planners conducted by Rothstein-Tauber, a financial market research firm.

The District of Columbia has selected Calvert as the program manager for its 529 plan. Besides offering investments in the plan, Calvert will also administer and market it.