Money Management Executive Latest News

With large and midsize banks choosing to build their own investment services units, Raymond James Financial Services has targeted community banks to expand distribution of its investment products nationwide.

Fifth Third Bancorp has begun the first advertising campaign focused on its mutual funds’ performance and its skill at offering financial advice.

Franklin Templeton Investments today announced that it has promoted Mark Meyer as an executive VP who will serve as director of sales for its private client group.

The financial implosion of Enron late last year has brought increased scrutiny to the regulations that govern 401(k) plans. Now, some say the longstanding issue of portfolio disclosure might be next.

The financial collapse of Enron, and reports that the firm's workers lost millions in their retirement plans when the company declared bankruptcy, has spawned a spate of recent legislative measures designed to protect 401(k) investors. But many of the initiatives are facing criticism from industry officials who say that lawmakers should be cautious in reacting to the Enron debacle.

Money fund advisors have found themselves caught between a rock and a hard place recently. Many are carefully assessing ways to deal with severely bruised money market fund yields that have been dragged down by the funds' expenses.

In a move intended to reposition its proprietary funds within its network of 11,000 advisers, American Express Financial Corp. is relocating a significant part of its investment management business outside of its Minneapolis headquarters and will open a new office in Boston.

Last year, investors were in for a rude awakening when it came time to pay taxes on their mutual funds. Not only did they have to pay hefty capital gains taxes for the returns they raked in during the first part of 2000, but the subsequent downturn in the markets eliminated most of what they had accumulated.

The following open-end funds were recently registered with the Securities and Exchange Commission:

As lawmakers debate possible reforms to 401(k) rules in the wake of Enron's financial collapse, Ted Benna, who launched the first 401(k) more than two decades ago, has suggested that workers be barred from spending their own money on stock in their companies.