Money Management Executive Latest News

PFPC Financial Services Group, the nation’s largest provider of transfer-agent services to the mutual fund industry, said this week that it has hired Daniel Kalish and Eric Pisauro as directors of alternative investment services.

Asset manager Evergreen Investments has tapped Andrew Clipper to oversee its distribution of separate accounts.

Montgomery Asset Management plans to offer a new group of funds employing alternative investment strategies, including a new absolute return hedge fund-of-funds, the firm said today.

In response to the growing 529 market, Morningstar has enhanced its Web site for financial advisers by adding new analytical tools that target state-sponsored college savings plans.

Frank Russell Company of Tacoma, Wash. has chosen New York asset manager TimesSquare Capital Management to co-manage six U.S. bond funds in a program that brings as many as five management firms together to run individual funds, the company said today.

Invesmart, the Pittsburgh-based retirement financial services firm, today announced that Kent Buckles has been named CEO of the firm effective immediately. He replaces Craig Kirsh, who served as acting CEO for the past year.

Marketocracy Funds has closed its ChangeWave Fund less than a year after it launched the product, according to a company filing with the Securities and Exchange Commission.

Less than a week after announcing it would add loads to all of its products, INVESCO Funds Group today promoted Stuart Holland to manager of institutional sales, filling a vacancy left after Tom Kolbe was named national sales manager earlier this year, the company said.

Steven Adler, 63, of Tampa, Fla., the former president of Vector Index Advisors, and manager of the ASM Index 30 Fund, has been permanently kicked out of the fund industry and is facing five years in prison for allegedly misappropriating $1.9 million of investors' money.

Funds' Efforts to Woo Advisers Are Missing the Mark, Planners Say