Money Management Executive Latest News

AIM Advisors, Inc., the advisor to the AIM Management Group of Houston, waited until the last day of the year to launch a trio of funds including a fixed-income, value and growth offering.

Happy New Year!

INVESCO Funds Group of Denver will begin domestic distribution of INVESCO Global’s offshore funds to non-resident clients starting Jan. 1, 2002, the company said.

As part of its plans to restructure its business, Deutsche Bank announced today that it will cut nearly 2,400 positions worldwide, including 900 U.S. employees. The cuts will be made to the bank’s corporate and investment banking and private client and asset management divisions.

Although Netfolio closed its virtual doors on Sept.14, the legacy of the firm lives on: James O’Shaughnessy, Netfolio’s founder, will continue to manage the assets of Canadian fund company, Royal Mutual Funds, an account that was originally sub-advised by Netfolio.

As legislators debate the issue of 401(k) providers also providing advice, one governmental agency has taken a first step toward allowing such advice

The Bank of New York is seeking to merge four former HSBC Asset Management money funds with four of its BNY Hamilton funds, a move that will reduce the funds’ annual operating expenses, according to a company filing with the Securities and Exchange Commission.

In the past year, American Express’s AXP fund line has gone through a largely silent evolution that will continue into the new year, with plans calling for product expansion and additional investment professionals. The evolution has been paralleled by the development of the Partners Funds, a line of sub-advised funds.

November Flows into stock funds increased significantly from the prior month, totaling $14.9 billion while total assets increased 4.7% to $6.9 trillion, according to the Investment Company Institute of Washington, D.C. October net new flows totaled just $923 million, the ICI said.

Northern Trust Corp.’s retirement consulting unit has launched a retirement rollover service as the banking company looks for more ways to manage assets beyond retirement.