Money Management Executive Latest News

Witnesses testifying before a House subcommittee that is working to reform 401(k) rules dismissed the idea of limiting the amount of company stock that employees can own in their pension funds, according to a statement released last week by the Committee on Education and the Workforce.

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:

Jay Wilkinson is the new director of INVESCO Retirement's alliance sales division. He succeeds Tony Cox who was named director of INVESCO Institutional's financial services division. Atlanta-based INVESCO Retirement is a subsidiary of AMVESCAP Plc., the parent company to both AIM and INVESCO fund companies.

Poor valuation procedures of illiquid securities prompted Ernst & Young LLP to blow the whistle on one of its mutual fund clients. In a report included with Van Wagoner Funds annual report to shareholders, Ernst & Young, a Chicago-based big five accounting firm, said the company had insufficient procedures in determining the valuations of private placement securities.

While most firms are cutting back on their advertising, Hartford Financial Services Group is sinking $20 million into its first ad campaign in three years, the company announced today. The ads will first appear during the NCAA Basketball Tournament this month.

Frank Russell Co. has hired Delaware Investments to sub-advise three of the fixed-income funds within the firm’s multi-manager fund complex, the firm announced today.

Americans could save as much as $39 billion this year in their IRA accounts, according to a report released by Fidelity Investments today. That’s nearly $8 billion more than they are expected to have put away for the 2001 tax year, the report said.

Strong Capital and U.S. Bancorp Asset Management, the investment advisor to First American Funds have partnered with the state of Oregon to offer a national 529 plan.

Pilgrim Funds and Aetna Funds have completed the process of re-branding the firms’ products under the ING Funds moniker.

Seven in 10 Americans express confidence that they will have enough money to live comfortably in retirement, yet just 32% have calculated how much money that dream will require.