Money Management Executive Latest News

PNC Advisors, a member of The PNC Financial Services Group with more than $60 billion in assets under management, has named John McGuinness an executive VP. He will be responsible for the sales and marketing of PNC Advisors' wealth management business. The position is new to the firm.

Deutsche Bank said that it is acquiring RREEF, a U.S. real estate investment management group, in a deal valued at US$490 million.

In an effort to provide a product line that is relevant to investors in all market conditions, Berwyn, Pa.-based Turner Investment Partners is expanding its product offerings, executive staff and distribution alliances, the firm said. The new additions will strengthen the firm's fixed-income and value offerings.

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:

The Cornerstone fund group is liquidating its five funds because of a disagreement among accounting firms as to how to price certain defaulted municipal bonds, according to published reports.

The Bank of New York has acquired high-net-worth asset management firm Gannett Welsh & Kotler of Boston for an undisclosed sum, the company announced today.

AIM Distributors, Inc., the distribution arm of AIM Management Group Inc., today promoted Gene Needles EVP, managing director of sales and Jim Stueve senior VP, director of retail sales. Both positions are newly created.

The Managers Funds has selected Bernstein Investment Research and Management as a sub-advisor to its international equity fund, Managers announced today. The agreement is effective as of today.

American Express Financial Corp. has launched two new equity funds, which will be available through its network of financial advisors, the company said today.

In an effort to more effectively market its products, Brown Brothers Harriman said today that it has changed the name of its 59 Wall Street Funds to the BBH Funds.