Money Management Executive Latest News

Evergreen Investments, the asset management arm of Wachovia Corp., announced today that Walter McCormick is returning to the firm as a managing director and head of Evergreen's newly formed value equity team.

Montgomery Asset Management has hired former Alliance Capital Management sales executive Christopher White as a director of institutional and retail sales. Bill Santos, head of mutual fund distribution, will assume a broader marketing role with his promotion to the position of chief marketing officer.

ProFunds Advisors has hired Steve Cohen as managing director of its institutional group. Cohen was most recently with FOLIOfn where he served as VP of marketing, a position he left shortly after the Vienna, Va.-based firm hired Jim Vitalie as president of FOLIOfn Institutional.

Ariel Capital Management president Mellody Hobson has been nominated to join the board of directors of Tellabs, the Naperville, Ill-based communications infrastructure firm. With more than $8 billion in assets under management, Chicago-based Ariel Capital Management serves as the investment advisor to the Ariel Funds.

New York Life Insurance Co. announced last week that Patricia Spencer Favreau has been promoted to chief marketing officer for the firm's Life and Annuity business. Favreau reports to SVP Ted Mathas, COO for Life & Annuity.

Arthur Andersen has informed AMVESCAP PLC that it will not seek reappointment as independent auditor at AMVESCAP’s annual general meeting scheduled for April 26, according to documents filed with the SEC yesterday. AMVESCAP is the parent company of both INVESCO and AIM Management.

William Blair Funds is closing the William Blair Value Discovery Fund to new investors, the firm announced today. The fund will close on March 28.

When SunTrust Banks Inc.’s new full-service brokerage unit for wealthy people opens on April 2, its executives hope that by not offering proprietary products the Atlanta banking company will be able to expand its reach with high-net-worth investors.

Boston Advisors is breaking up a family. The Boston-based subsidiary of The Advest Group, recently purchased Babson-United Investment Advisors, a wealth management firm that specializes in managed accounts. The firm is a division of Watertown, Ma., Babson-United.

Despite the market decline, high net worth investors have maintained a steady interest in alternative investments. A report issued by Chicago-based Spectrem Group, "The Boom in Alternative Investments: Reaching the High Net Worth Investor," details the characteristics and investing habits of "alternative investors."