Money Management Executive Latest News

Mutuals.com is attempting to increase its $240 million of assets under management by buying other investment companies, with the goal of reaching $10 billion in assets under management by the end of 2005.

Turner Investment Partners has struck a deal with Bank of Ireland Asset Management (BIAM) to distribute the bank's international value equity investment strategy among managed account platforms throughout the U.S.

INVESCO Retirement, INVESCO's defined contribution product division with more than $35.6 billion in assets under management, announced last week that Bob Benish has joined the firm as director of participant services. Benish will report to Joe Jennings, senior vice president of client services at INVESCO Retirement.

Diane South has been named director of social research at Citizens Advisers, investment advisor to the socially responsible Citizens Funds, the company announced last week. South joined Citizens in 2001 as social research manager.

Strong Financial Corp., parent company of investment management firm Strong Capital Management, has named Jay Mueller as interim director of fixed income, the company announced last week.

Andrew Rudd has been elected to the board of directors at Stilwell Financial, parent company of investment management firms Janus Capital Management and Berger Financial Group. With the addition of Rudd, Stilwell's board expands to six members.

John Hancock Funds has hired three business development consultants as well as two wholesalers in an effort to drive sales in the mid-Atlantic region.

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.

Stilwell Financial, parent company of the Berger Funds and Janus today 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.

Gabelli Asset Management today announced 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.