Money Management Executive Latest News

Assets that Fidelity Investments manages as custodian for registered investment advisors grew more than 12% in 2001 to $58 billion. During the year, Fidelity added nearly 300 new RIA clients, including The Savant Group, First Mercantile Trust and Asset Planning Services.

The Bank of New York Co. has signed a definitive agreement to acquire Beacon Fiduciary Advisors, the company announced last week. Beacon is a privately held asset management firm. The terms of the agreement were not disclosed.

Safeco Corp. has $3.8 billion under management in mutual funds, although almost none of its sales came through the bank channel.

GE Financial has reforged the image of its newest acquisitions, Centurion Capital Management and Centurion Trust Co. The firms are now respectively known as GE Private Asset Management (GE PAM) and GE Financial Trust Co.

The Nasdaq Stock Market announced that the Japanese Financial Services Agency has selected the Nasdaq-100 Index as eligible for Japanese exchange-traded funds.

James Grogan is the vice president of strategic alliances at SunGard Recovery Systems of Wayne, Pa. SunGard will be among the firms speaking on a panel about disaster recovery for mutual fund companies at the National Investment Company Service Association's 2002 Technology Forum this week.

MFMarketnews.com is keeping abreast of the industry's latest developments with postings twice a day. If you didn't log on last week, here are some Web exclusives you missed:

Mario Gallotto, director of sales administration at John Hancock of Boston, views customer relationship management (CRM) as a key way of retaining assets. In the past, only call center representatives used to rely on CRM, which Gallotto defines as a complete customer history.

Old Mutual's U.S. asset management group has appointed Kevin Hunt as executive VP and director of sales, marketing and project development. In addition, the firm has hired Thomas Turpin as executive VP and COO.

Deerfield Capital Management LLC, a fixed-income asset management firm, announced that Luke Knecht has joined the company as a managing director. In connection with the hiring of Knecht, Deerfield has acquired Dresdner RCM Global Investors' Dynamic Duration Management product, a separate account with approximately $140 million in assets under management that models a dynamic fixed income trading strategy.