Money Management Executive Latest News

Stockback Capital has selected a mutual fund for its credit card program that allows investors to automatically reinvest a portion of their purchases.

Mellon Financial Corp. announced a decrease in quarterly net profit despite an increase in assets under management.

The National Investment Company Service Assoc. expects interest in its online Mutual Fund Industry Specialist (MFIS) Certificate Program will shortly extend beyond fund executives to financial planners and brokers.

Dreyfus, the New York-based mutual fund company, has found itself tangled in a brouhaha over journalistic ethics because one of its radio spots has been read on the air by a well-known financial journalist.

Touchstone Securities announced last week that Patrick Bannigan has joined the firm as senior vice president and officer in charge of Touchstone Investments. In that role, he will be responsible for the sales and profitability of the Touchstone Funds, including the firm's variable annuities.

UBS PaineWebber announced several management appointments last week.

RS Investments of San Francisco has named Yasuo Sakuma chief investment officer of RS Asset Management Japan in Tokyo. Sakuma will lead RS' development of equity products focused on the stocks of Japanese companies.

Northern Trust Corp. announced last week that James Mitchell, president of the firm's Worldwide Operations and Technology (WWOT) unit and a 38-year veteran of the firm, will retire at the end of May. Timothy Theriault, executive VP and chief technology officer of Northern Trust, will take over for Mitchell.

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

Fidelity Investments Institutional Brokerage Group had hired two executives to expand its correspondent clearing business in the Midwest and West, Jerry Canning, senior vice president of correspondent clearing at the Boston-based company said on Thursday.