Money Management Executive Latest News

The California State Teachers' Retirement System of Sacramento, Calif., (CalSTRS) has expanded the number of funds it offers the 3,000 teachers in its 403(b) plan from three to 11, and, as a result, is offering advice to participants at no charge. CitiStreet, a joint venture between State Street Corp. of Boston and Citigroup of New York, is providing the in-person advice, while Financial Engines of Palto Alto, Calif., is providing the online advice.

Transfer agent and fund accounting firm PNC Financial Services Group of Wilmington, Del., will close its Tampa, Fla., and Westborough, Mass., offices by the end of the year.

Charles Schwab co-CEOs Charles Schwab and David Pottruck in 2001 earned a mere fraction of the $8.8 million they have earned over the previous two years. Not only didn't either exec get any bonus last year - a cool $8 million apiece in both 2000 and 1999 - but their base salaries were cut back 19% in 2001, down from $800,004 to $650,003, according to proxy statements. At that rate, the executives earned less than Executive Vice President H. Marshall Schwarz.

Columbia Management Group, the asset management unit of FleetBoston Financial, has hired Robert McConnaughey as its new managing director and head of equity research.

Prudential Financial, Inc. has created a new position of president of its Prudential Investment Management division and has named Bernard Winograd to fill the role.

PIMCO has appointed a president for its Japan office. Makoto Takano, who joined PIMCO in October 2001 as an executive VP, assumed the role of president of PIMCO Japan, taking over the firm's Japanese business operations on April 1.

Sonya Park has been named regional director of client services for Dimensional Fund Advisors. Park is not replacing anyone at the firm as the position is new at Dimensional.

Only 5% of taxpayers who expect to receive a refund this year plan on investing some of the money in mutual funds, stocks or bonds, according to a survey of 1,683 taxpayers by Cambridge Consumer Counseling Corp. of Islandia, N.Y., a company that offers credit counseling to consumers.

Old Mutual’s U.S. asset management group said today that it 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.

Strong Capital Management, investment advisor to the Strong Funds, has redesigned its Web site, the firm announced today.