Money Management Executive Latest News

DST Systems will soon add an online tool to its Vision product that will allow investment advisers to group client accounts from multiple fund and variable annuity complexes into their own portfolios, the company announced today. The new feature, called Advisor Defined Portfolios, is scheduled for general release on Feb. 4.

John Hancock Financial Services, Inc. slashed 160 jobs at its corporate headquarters in Boston, amounting to approximately 2% of its workforce, the company said.

HSBC Bank Canada’s fund unit, HSBC Investment Funds, is going load and will sell its products through third-party financial advisers. The 17-fund unit is adding new share classes to target advisers. The funds were formerly distributed through HSBC bank branches as no-loads, but not anymore.

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

CitiStreet will be launching its first non-domestic services in Australia this month. To facilitate the extension of its retirement benefit services to Australia, CitiStreet will acquire the back office administration business of SunGard’s Australian unit, SunGard Employee Benefit System (SEBS).

Julius Baer & Co. has promoted four executives in its institutional asset management group.

Tom Conner, general counsel for the National Association for Variable Annuities, has left the organization for private practice. Conner, who had been with NAVA four years, will continue to work in the area of variable products as well as mutual funds in his new role as partner at Washington, D.C. firm Sutherland, Asbill, & Brennan LLC.

DST Systems will soon add an online tool to its Vision product that will allow investment advisers to group client accounts from multiple fund and variable annuity complexes into their own portfolios, the company announced today. The new feature, called Advisor Defined Portfolios, is scheduled for general release on Feb. 4.

Looking ahead to 2002 there are several issues both with mutual fund regulation and proposed legislation that will likely reach some conclusion this year. Late last year, the Securities and Exchange Commission sent out a letter seeking comment on the development of actively managed exchange-traded funds. Those comments are due in January 2002, and Alan Rosenblat, an attorney with Philadelphia-based law firm Dechert, expects that the SEC will release guidelines about that over the course of this year.

Facing sky-rocketing insurance costs, Fidelity Investments has decided to drop default insurance on all of its money market funds, said Jim Griffin, a spokesman with the company.