Money Management Executive Latest News

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.

Mutual Funds experienced net inflows of $27 billion in May, according to estimates released today by Lipper. All three major fund categories experienced inflows. Equity funds had net flows of $10.2 billion, fixed income funds had flows of $9.8 billion and money market funds had flows of $7 billion.

Scudder Retirement Services has upgraded its adviser Web site to include tools to better serve retirement plan sponsors and their participants. The site now includes educational and sales materials, industry news and detailed information on plans that they serve.

MFS Investment Management has won a mandate to sponsor a 529 college savings plan in the State of Oregon, according to John Reilly, a spokesman for MFS. The firm and the state have yet to finalize and sign a contract, but barring anything unforeseen, one should be signed within the next week or two, Reilly said.

Dreyfus Corp.'s separately managed accounts have grown about 56% since the beginning of the year, as the New York asset manager has seen assets flow into these products from mutual funds, annuities and other investment vehicles.

The combined wealth of the world’s high-net-worth individuals rose nearly 3% to $26.2 trillion in 2001, according to the 2002 World Wealth Report, which was published today by Merrill Lynch and Cap Gemini Ernst & Young. The report defines high-net-worth individuals as those with financial assets of at least $1 million, excluding real estate.

Tom Bailey, who founded mutual fund giant Janus of Denver more than three decades ago and since has gradually given up control over the firm, will step down as president and CEO of the company July 1, the company said last week.

It always comes back to performance.

An announcement by 401(k) plan provider CitiStreet last week that it will provide workers with expanded advice about investment choices in their retirement plans may be pushing government regulations to their limits in an aggressive effort to retain rollover assets, observers said last week.

There are a host of trends, emerging and continuing, taking place in the mutual fund industry today. What trends have fund industry executives identified as the most notable?