Money Management Executive Latest News

Franklin Resources Inc. executives say business was so good in the last quarter that they may reverse the pay and advertising cuts made in November.

Vanguard Group had $35.5 billion in net flows in 2001, the most of any fund complex by more than $12 billion, according to data released today by Financial Research Corporation. Vanguard, which finished second in 2000 with net flows of $21.9 billion, has led the industry five of the past six years.

Calling 2001 one of the most difficult years in its history, T. Rowe Price said today that its revenues declined 17% in the year to $1 billion compared to $1.2 billion in 2000.

The nation’s largest public pension fund has selected four investment firms to oversee $1 billion of the programs assets that are invested in emerging market funds.

Online retirement plan provider GoldK said today that its COO has resigned and will likely start his own consulting firm in the Boston area.

Assets in exchange traded funds increased steadily during the last three months of 2001, reaching nearly $83 billion by the year’s end, the Investment Company Institute reported.

Franklin Resources, which runs the Franklin Templeton mutual funds, announced today that its fourth-quarter net income in 2001 was $118.5 million, down 21% from 2000. However, that figure represents an increase of 41% over the firm’s third-quarter 2001 net income of $83.9 million.

Nationwide Retirement Solutions and Morningstar have teamed up to provide retirement investing advice online to plan participants in Nationwide plans, the companies said today.

The American Life Insurance Company of New York and Annuity.com have pulled their Annuity.com Direct Annuity off the virtual shelf. Last November, the Securities and Exchange Commission approved the new VA contract 2-to-1 with a dissenting vote from Commissioner Isaac Hunt. The VA was the first to offer a completely paperless VA, accepting e-signatures and not issuing a printed prospectus, even upon demand.

Though Mellon Financial Corp. has spent the last two years getting out of traditional banking, it says it still views its remaining retail components — private wealth management and Dreyfus Corp. — as keys to its growth picture.