Money Management Executive Latest News

Money market fund assets dropped $8.04 billion for the week ending Wednesday, March 20, the Investment Company Institute reported today. That brings total money market fund assets to $2.35 trillion.

Citizens Advisers, the Portsmouth, N.H.-based investment adviser to Citizens Funds, has named State Street Global Advisors Funds Management as the permanent sub-advisor for two of its funds. With $1.5 million in assets under management, Citizens Funds offers a series of socially responsible mutual funds.

Lindner Asset Management of Deerfield, Ill. announced today that it has named sub-advisors for two of its mutual funds.

Janus cut its workforce by more than half in 2001. As of Dec. 31, 2001 the firm had 1,450 employees, according to its parent company Stilwell Financial’s annual report filed yesterday with the Securities and Exchange Commission. Last year’s annual report stated that Janus had approximately 3,100 employees, 170 of which were temporary.

Toronto-based Mackenzie Financial Corp. said last week that it will call a shareholder meeting in May to consider a bevy of changes to its fund lineup.

Increasing confidence among investors combined with poor yields among bank and money market funds could result in the best quarter for equity mutual fund flows since markets began their tailspin two years ago, according to New York-based researcher Strategic Insight.

PFPC Inc. has captured business for five additional 529 college savings plans: North Carolina, Oregon, Wisconsin, South Dakota and Montana. That roster adds to the half-dozen plans the Wilmington, Del.-based firm already services.

Stuart Novek, Janus’ chief marketing officer and head of retail marketing has said that Apr. 5 will be his last day with the firm. Novek’s resignation was "simply a personal choice that he’s made," said Janus spokeswoman Shelly Peterson, who said Novek has no plans to go to another firm.

Deutsche Bank says it plans to leverage its September acquisition of Zurich Scudder Investments and its hiring last week of a former Putnam executive to build a brand presence for its asset management unit in North America.