Money Management Executive Latest News

Gabelli Asset Management reported net income of $15.4 million for the first quarter of 2002, a 3% increase in earnings from the $14.9 million the firm earned a year ago. Per share, earnings were 51 cents, up from 50 cents a year ago.

Sun Trust Banks has launched a separate Web site for its STI Classic family of mutual funds. Information about the funds was previously available through SunTrust's primary site.

Prudential Financial has launched a new multi-manager fund, the Strategic Partners Mid Cap Value Fund. Harris Associates, advisors to the Oakmark Funds, and Mercury Advisors, part of Merrill Lynch Investment Managers, will each assume control of half of the fund's assets.

Fund administrator SEI Investments is incorporating Advent Software's account consolidation product, Advent TrustedNetwork, into its investment processing program. The combined software will allow fund companies, on a daily basis, to provide consolidated account statements that can cull investment data from accounts housed at a host of other financial institutions, according to SEI.

Transfer agent and fund accounting firm PFPC will close its Tampa, Fla., and Westborough, Mass., retirement offices by the end of the year. The closings will result in the consolidation of redundant services into its Minneapolis and Rockville, Md., offices. PFPC's call center and order fulfillment center will be centralized in Minneapolis, while retirement plan client services will be headquartered in Rockville.

Evergreen Investments has launched a product line of nine separately managed accounts, each of which will focus on a specific investment category but allow investors to further customize their holdings.

American Skandia has made several changes to its mutual fund and annuity portfolio line ups. Skandia has created two new mutual funds and three new annuity portfolios, while consolidating and replacing managers on several annuity sub-accounts. The moves signal a shift in investment strategy to lower risk and provide more consistent management, according to the firm.

Dimensional Fund Advisors has hired Philip Nash as its European marketing director.

The Phoenix Companies has launched a new Web site to help financial planners make sense of the bevy of tax laws applying to qualified plans and IRAs. The site covers tax credits due to employers who provide retirement plans and new limits, including catch-up limits for employees.

Calvert has won support among 8% of shareholders at Hewlett Packard for a resolution encouraging the company to improve its policies on computer waste. Calvert believes that last Friday’s vote was the first of its kind, and is pushing similar measures at five other computer manufacturers.