Money Management Executive Latest News

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:

Andrew Washburn is director of marketing for American Express Funds. He joined the firm last January, after four years with Putnam and 10 years at MFS. In the past year he has helped launch Partners, American Express's new sub-advised fund line, as well as further develop its existing line of funds. Washburn discussed the evolution of American Express's offerings and the year ahead with Mutual Fund Market News reporter, Tamiko Toland.

Pilgrim Baxter & Associates has selected Mike Thompson to lead the marketing of its institutional services, the company said last week.

Motivated in part by the firm's push into the independent broker-dealer market, Rydex has added two positions to its marketing staff; the firm has hired Lou Foran as head of sales and marketing and Ramy Shaalan as a market research analyst.

Los Angeles-based Transamerica Investment Management has hired a former Janus executive to oversee the development of an institutional sales team and expand the company's distribution efforts, Transamerica said last week.

The Depository Trust & Clearing Corporation has hired Randy Grespin as managing director for distribution services. Grespin will be responsible for insurance services and mutual funds, filling the shoes of Walter Siebecker, who has left the firm to pursue other interests.

Pimco has signed a contract with the South Dakota’s Office of the State Treasury to operate its 529 college savings plan, according to Tim Clark, a spokesman for Pimco. While Pimco funds are available in other states’ 529 plans, this marks the first plan that Pimco will operate.

BISYS, the New York-based mutual fund service company, has named George Evans as head of business development for the company’s investment services group, BISYS announced today.

For the second straight year, stock funds posted negative returns, with 83% of U.S. stock fund posting an average return of -12.5% last year, according to Weiss Ratings, Inc. That was worse than 2000, when 63% of equity funds posted negative returns, losing an overall average of 4.45%.

T. Rowe Price has launched a new mutual fund product, comprised of eight sub-funds, which will be available in Germany.