Money Management Executive Latest News

Prudential Financial said today that it has promoted Mike Casalvieri to vice president and head of the firm’s platform marketing team. The department develops specifically targeted marketing campaigns to various target customer groups..

USAA Investment Management Company and Strong Capital Management announced today that they have launched a new joint 529 college savings plan with the State of Nevada called, the USAA College Savings Plan.

CitiStreet, a joint venture between Citigroup and State Street Corp., announced today that it will provide investment advice directly to plan participants using systems built by Financial Engines Advisors, an independent investment advisory firm

Despite market declines, equity funds fared reasonably well in April, garnering $11.76 billion in net inflows, according to the Investment Company Institute. Still, inflows were down 60% from March 2002, when investors poured a net $29.63 billion into stock funds, according to the ICI.

Although banks have had a difficult time growing as a mutual fund distribution channel, accounting for only 9% of mutual fund sales in 2000, that has not stopped them from creating mutual funds. While sales may be low, there are distinct advantages for bank-owned funds, according to Cerulli Associates, a mutual fund research and consulting firm based in Boston.

As a result of a 10% decline in assets since the end of 2000, John Hancock Funds of Boston is on the hunt for a few more outside mutual funds or small fund families that it can acquire and merge into its $18.7 billion family of 50 funds. The fund complex is a wholly owned subsidiary of John Hancock Financial Services, which collectively manages $29 billion in open- and closed-end funds, separate accounts and retirement plans.

WASHINGTON - Everybody knows that, with more than half of all U.S. households holding a stake in at least one mutual fund, the U.S. fund marketplace is saturated. Is there anything fund executives can do about it?

The Securities and Exchange Commission has taken action to authorize the industry's first fixed-income exchange-traded funds (ETFs). Until now, ETFs have been based only on equity indexes. Pending completion of the registration process, the new ETFs are expected to be launched in late July.

The mutual fund industry's chief lobby group has sent a letter to a committee of the New York Stock Exchange suggesting that shareholders should have a say in the authorization of stock option plans for workers.

Orbitex Financial Services Group has formed an alternative strategies division to market hedge fund-based products in the U.S. and abroad. Orbitex Alternative Strategies (OAS) has been targeting high-net-worth and small institutional clients in foreign markets for the past eight months and has just now introduced its alternative strategies in the U.S.