Money Management Executive Latest News

A community bank holding company in upstate New York plans to begin marketing proprietary mutual funds to its retail customers this year even though stocks and mutual funds remain mired in what the company's chief executive called the worst slump in a quarter century.

In an effort to expand its asset management and high-net-worth businesses around the world, Lehman Brothers has established a wealth and asset management group and has appointed Theodore Janulis, a 17-year veteran of Lehman, to head the new division.

Charles Schwab & Co. has named a replacement for Steven Scheid, former vice chairman and president of retail, who resigned in February. John Coghlan, executive vice president, Schwab Institutional, has been promoted to vice chairman and enterprise president. Since 1987, Coghlan has led Schwab Institutional, which serves registered investment advisers and defined contribution plans. Coghlan will assume his new responsibilities on July 8. Co-CEO Dave Pottruck had been acting as interim vice chairman.

The Society of Asset Allocators and Fund Timers Inc. (SAAFTI), a national association of registered investment advisory firms, has elected its officers and directors for 2002-2003. The officer positions are all one-year terms.

The Aquila Group of Funds announced last week that it has elected Patricia Moss and Nancy Wilgenbusch as trustees for the Aquila Tax-Free Trust of Oregon, a municipal bond mutual fund. They replace Timothy Leach and Sterling Jenson, who recently resigned from the fund's board.

A report issued this week by Schwab Corporate Services found that self-directed brokerage account investors put 45% of their assets in mutual funds during the first quarter of this year.

Barclays Global Investors (BGI), the asset management unit of Barclays Bank, announced today that it has appointed Blake Grossman and Andrew Skirton as co-global CEOs, replacing Patricia Dunn, who is stepping down from that position for health reasons.

Dreyfus Service Corp., distributor of the Dreyfus Funds, has named Matthew Schiffman executive vice president and national sales manager. In his new position, Schiffman will oversee all distribution channels, including wirehouses, banks, registered investment advisers and independent financial planners.

A public service announcement that Fidelity Investments underwrote and the American Savings Education Council and the Employee Benefit Research Institute developed has won an Emmy. The National Academy of Television Arts and Sciences’ Washington chapter presented the award to Jon Sullivan, a producer with WJLA television, an ABC affiliate.

CitiStreet has announced that it is expanding its consulting service capabilities to offer information about qualified-plan regulatory developments online.