Money Management Executive Latest News

Arthur Andersen's recent troubles in the wake of Enron's financial meltdown and its uncertain future have begun wafting over to the fund industry.

This is not the first time the fund industry has faced challenges with independent auditors.

The Vanguard Group today said it was planning to reorganize two stock funds managed by Provident Investment Counsel and Schroder International into two new Vanguard products.

The college-savings vehicle, 529 plans, are definitely in vogue this year.

The board of directors of Lincoln National Corp., the parent company of Lincoln Financial Group, has promoted Dennis Schoff to senior VP and general counsel, the company said today.

AIM Distributors, the retail marketing arm of AIM Management Group, has added institutional share classes to nine of the company’s funds.

Putnam Investments is considering merging or shutting down some of its funds, the company said today. The firm is the fourth largest in the industry with approximately $300 billion in assets under management.

American Skandia will soon discontinue sales of its qualified plan and flexible premium variable life products, the firm said today. The move to shut down those lines will affect approximately 40 positions, though the Shelton, Conn.-based firm hopes to relocate many of those employees internally. The company will continue selling its single premium variable life policy.

Domini Social Investments has been selected to manage a socially responsible account within the City of New York Deferred Compensation Plan, which contains more than $190 million in assets.

Wasatch Advisors, which closed its Small Cap Value and Core Growth funds to new investors in July 2001 and January 2002, respectively, is now closing them to existing shareholders as well. The firm filed prospectus supplements with the Securities and Exchange Commission last week. Both closings will go into effect on March 28.