Money Management Executive Latest News

Janus announced several appointments within its investment team, all of which will be effective February 1.

Rob Hain, CEO of AIM Canada, will become the new leader of INVESCO UK. Both companies are subsidiaries of AMVESCAP.

Robert Woodward, executive VP and chief investment officer at Nationwide and Nationwide Financial, will retire after 37 years with the company. Woodward, who joined the company in 1964 as a mortgage loan underwriter, will leave when the firm names a replacement.

Berger Funds' efforts to distance itself from its roots as a growth shop may not have ended with last week's purchase of Enhanced Investment Technologies [INTECH]. The firm is actively looking to add a fixed-income group to its business and is hoping to acquire another firm sometime this year, said spokeswoman Sally Carleton.

Investment manager Turner Investment Partners has hired William Costin to market the firm's sub-advisory services and family of mutual funds throughout a 14-state region in the Northern U.S., the firm said.

American Express Financial Corp. is not done beefing up its mutual fund product line. Last year, the firm launched six sub-advised funds under the newly created AXP Partners brand, an internally managed fund, a donor-advised fund, and a 529 partnership. It filed late last year for three additional internally managed funds and two sub-advised funds that it plans to launch in February and March of this year. Still, the firm is planning to create between two and four additional sub-advised funds and an undetermined amount of internally managed funds that are expected to launch in the second half of 2002. More are expected in 2003, said Paul Johnson, a spokesman for American Express Funds.

Industry observers and lobbyists cautiously applauded President Bush's move earlier this month to appoint a team of top administration officials to review rules regarding pension plans in the wake of the financial meltdown of Enron.

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:

There are a couple of reasons why February 1 to April 15, commonly known as "tax season," is the time of year when most IRA sales occur, said Dan Reinhold, director of retirement plans for Franklin Templeton. For one, investors can open an IRA and make contributions that are deductible from the previous year's taxes until April 15. Consequently, as people realize the tax payments they will have to make, opening an IRA account becomes increasingly attractive.

In November, the SEC issued a concept release on actively managed ETFs and asked for comments from the industry on the would-be products no later than January 14. In its letter dated January 14, the Investment Company Institute addressed several concerns, specifically its main concern over portfolio holdings disclosure.