Money Management Executive Latest News

State Street Corp. has named Ronald Logue its new president, the company said today. Logue currently serves as the firm’s vice chairman, COO and director and will continue in those duties after he assumes the new post.

It took a long time to get it together, but the staff of Pennsylvania Congressman William Coyne finished right before the holiday break. Last week, Coyne introduced The Retirement Opportunity Expansion Act of 2001 (H.R. 3488), a bill to expand pension incentives to low- and middle- income employees without some kind of retirement plan.

Managed accounts, which have grown tremendously in the past couple of years in the U.S., have started to emerge as a significant offering around the world, especially in Europe, and are poised to grow even more in 2002, according to Cerulli Associates’ latest report on year-end reflections and projections on the global front.

U.S. equity funds experienced net inflows of $10.5 billion in November, Lipper reported today. It’s the second consecutive month of net inflows following outflows in July, August and September. About $2 billion flowed into equity funds in October.

The ARK Funds announced today that Darryl Grayson has been named senior VP and national sales manager for the Baltimore-based fund family. Grayson was previously at the Delaware Funds, where he had served as VP and sales director since 1997.

Stilwell Financial subsidiary Berger Funds of Denver has acquired Bay Isle Financial Corp., the company announced today. Based in San Francisco, Bay Isle brings with it $1 billion in assets under management, raising Berger’s total to more than $8 billion.

In a perennial survey that evaluates the quality of fund companies’ distribution services, Dalbar said that financial professionals largely favored American Funds, as well as Hartford Life and Smith Barney Mutual Funds.

Investors moved more money into exchange-traded funds in November, increasing the value of these funds by 13.6%, according to Investment Company Institute’s monthly report.

Back office vendor PFPC Inc. is launching a new program that allows mutual funds to automatically process wash sales of securities, or sales of securities that the fund then repurchases within a 30-day period, the company announced.

Old Mutual plc of London is selling Suffolk Capital Management, a former subsidiary of United Asset Management, to Ohio National Financial Services Inc., for an undisclosed sum, the companies announced today.