Money Management Executive Latest News

Although assets held in retirement accounts declined 4% last year, the net flow of $140 billion to mutual funds through retirement accounts in 2001 was up 18% from 2000, the Investment Company Institute reported.

The Mexican subsidiary of Prudential Financial has agreed to buy another Mexican financial services company in an effort to fortify its Mexican business.

Having accumulated $2 billion in three previous ING Principal Protection Funds, ING recently launched the Principal Protection Fund IV.

Citizens Advisers, the investment advisor to the socially responsible Citizens Funds, has created a five-member operating committee to replace outgoing President and CEO John Shields, whose three-year contract has ended.

Aquila Management Corp., the investment advisor of the Aquila Group of Funds, has announced that Emily T. Rae is now vice president of the Aquila Rocky Mountain Equity Fund and the Aquila Tax-Free Fund of Colorado.

John Hancock Advisors announced last week that it has hired Howard Greene as senior vice president and portfolio manager for its team of fixed income investment professionals.

Rydex Global Advisors, the investment advisor of the Rydex Funds, has hired two senior executives, thereby completing the firm's management team, Rydex announced last week. Philip Nicolaou was named national sales manager of the registered investment adviser channel. Wayne Cobb was named vice president chief technology officer.

While CEOs at the nation's largest firms are enjoying substantial compensation packages, their brethren at investment management firms are not.

As fund executives evaluate their defined contribution (DC) administration and recordkeeping profit margins, many are deciding to abandon the business. In fact, the DC administration business, which serves more than 66 million participants in 476,000 plans with a total of $2.15 trillion of assets, has been in a state of continuing contraction.

Nuveen Investments has selected State Street Corp. to provide custody and fund accounting and Boston Financial Data Services, a jointly owned subsidiary of State Street and DST Systems, to provide transfer agency and shareholder services for Nuveen’s family of 130 funds.