Money Management Executive Latest News

The Phoenix Companies, a financial services company based in Hartford, Conn., will offer trust, custody and other fiduciary services to customers nationwide. The services are available through the Phoenix National Trust Co., a national trust bank, which was formerly Phoenix Charter Oak Trust, a regional trust company.

President Bush today appointed a team of top administration officials to review rules regarding pension plans in what he called an effort to ensure the safety of workers’ retirement savings.

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

Neuberger Berman hired two managing directors to develop the firm’s real estate investment capabilities and also named a new managing director to for its private asset management group, the company said.

The Dreyfus Corporation said today that it has closed a mid-cap value product to new investors.

Responding to dismal fourth-quarter earnings, financial services giant Merrill Lynch said today that it will cut 9,000 jobs and take a pre-tax charge totaling $2.2 billion.

Foliofn has forged a distribution relationship with Quick & Reilly, the FleetBoston Financial brokerage firm. The brokerage now offers Q Folio Investing, a Foliofn basket investment platform integrated into Quick & Reilly’s existing services.

Waddell & Reed has included a feature in its 529 college investing program that allows investors to schedule automatic deductions from their paychecks that will be invested in an education savings account.

Institutions are starting to tap money market funds like an ATM machine, according to reports from the Investment Company Institute.

Mellon Financial Corp. felt some backlash from its home state’s government for getting out of consumer banking when the it was passed over for a contract to run Pennsylvania’s tax-free college investment plan.