Money Management Executive Latest News

IFS Financial Services has expanded its marketing team by naming Jocelyn Cunningham as director of retirement plan marketing. Cunningham's position is new for IFS.

Investors have nearly $500 billion in assets sitting in 401(k) plans with their previous employers or in IRAs, according to a report by Spectrem Group. These untapped rollovers are a tremendous opportunity for mutual fund companies according to the study, Spectrem’s Ultra High Net Worth Report.

John C. Bogle, founder of The Vanguard Group, recently warned the mutual fund industry that it will lose its cherished spot in the hearts of long-term investors if it doesn't become more accountable to shareholders.

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.

Stilwell Financial, the parent company of Janus Capital Management and Berger Funds, reported a 13% decline in first-quarter earnings today. Stillwell 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.

SunTrust Banks, Inc. announced today that it 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.

Gabelli Asset Management reported net income of $15.4 million for the first quarter ended March 31, 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.

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.

The board of directors of Neuberger Berman announced today that it has replaced Arthur Andersen as the firm’s independent auditor with KPMG.

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.