Money Management Executive Latest News

AIM Management may not yearn to be the next Donald Trump. But the Houston fund group is taking the plunge into the small but expanding world of closed-end real estate funds.

More than six months after last fall's terrorist attacks brought business travel to a standstill, and volatile markets resulted in slashed travel budgets at many fund complexes, mutual fund conferences - those sessions full of pundits speaking about industry trends - are making a comeback.

When UBS Global Asset Management of New York agreed to license Chicago-based Morningstar's new family of style-based stock indexes as the basis for new U.S. and European exchange-traded funds, the investment manager bought more than a new type of index. They bought the Morningstar name.

Thomas Eggers has been named president and CEO of Scudder Investments. He joins the firm from The Dreyfus Corp., where he had served for six years, only last October becoming president of Dreyfus and CEO of Dreyfus Service Corp. [see MFMN 10/8/01]. He replaces Mark Casady, who has joined LPL Financial Services of Boston as COO.

Prudential Financial has named Paul Swanson senior VP and national sales manager of Prudential Retirement Services. He will report to Paul Chong, Prudential's executive VP of business development.

Asset Allocation & Management Company (AAM) announced last week that it has hired two former Scudder Investments managing directors for its posts of president and chief investment officer.

Sequoia System International, a training provider, has hired Ken DiFrancesca as SVP. DiFrancesca comes from MetLife Investors Group, where he served as SVP and national sales manager for the bank channel.

Stock funds experienced net flows of $29.28 billion in March, up sharply from an inflow of $5.4 billion in February, the Investment Company Institute reported last week. The ICI's flow data substantiates earlier estimates of fund research firms [see MFMN 4/18/02].

Mellon Financial Corp. will acquire Weber Fulton & Felman, an investment management firm based in Cleveland that specializes in the high-net-worth, not-for-profit and retirement markets. The firm has approximately $800 million in assets under management and administration.

Stilwell Financial, the parent company of Janus Capital Management and Berger Funds, reported a 13% decline in first-quarter earnings today. Stilwell posted net income of $97.2 million, or 42 cents a share, down from $111.4 million, or 48 cents a share, in the first quarter of last year.