Money Management Executive Latest News

Mergers and acquisitions among investment advisor firms have decreased dramatically this year, which should surprise no one. But the more telling statistic is the precipitous drop in the value of the deals - down 83% this year from record levels in 2000.

In an effort to deter market timers, Fremont Investment Advisors has added a 2% redemption fee to the Fremont International Growth Fund on shares that are held for less than 30 days.

The Hartford Mutual Funds has added seven new funds to its offerings, the last step in integrating the funds of the former Fortis Financial Services, which The Hartford acquired a year ago.

Merrill Lynch has made a college and estate planning investment service available to the corporate marketplace.

Royal Alliance has developed a new financial product selection and management tool for its brokers. Called VISION2020 Advisor, the product provides account management, reporting, risk assessment, asset allocation and trading functions.

ProManage, an investment firm that specializes in defined contribution plans, has developed an automated investment allocation product for plan sponsors, with whom ProManage will share the fiduciary responsibility for making the allocations.

Fidelity Investments Institutional Brokerage Group has hired two executives to expand its correspondent clearing business in the Midwest and West, Jerry Canning, senior vice president of correspondent clearing at Fidelity, announced last week.

Gail McGovern, president of distribution and services at Fidelity Personal Investments, a unit of Fidelity Investments, will leave the firm at the end of April. She leaves her post of three years for a faculty position at Harvard University's business school

PFPC Worldwide has named a successor for J. Richard Carnall, former president and CEO, who retired in March. Timothy Shack is now PFPC's president and CEO. Shack, previously chief information officer at PFPC parent PNC Financial Services Group, will retain those responsibilities.

Andrew Pearl has rejoined Provident Investment Counsel of Pasadena, Calif., as managing director and portfolio manager/analyst. Pearl will focus on small-cap companies, according to Provident.