Money Management Executive Latest News

Former Vice President Al Gore has been named vice chairman of Metropolitan West Financial, a diversified financial services company with more than $50 billion in assets under management, the company said.

Wholesaler David Tieman has returned to Manulife Wood Logan as senior VP and wholesaler of Manulife's Venture Variable Annuities in the wirehouse channel. Tieman, who works in the Metro New York and northern New Jersey territory, left Manulife in 1995 for Salomon Brothers Asset Management.

Harbor Capital Advisors, the Toldeo, Ohio-based manager of the Harbor Funds, has changed the sub-advisor on its Harbor International Growth Fund, according to documents filed with the Securities and Exchange Commission last Friday.

American Express Financial Corp. has filed a registration statement with the Securities and Exchange Commission for two new sub-advised funds, the firm announced today. American Express expects to launch the new funds in the first quarter of 2002.

Franklin Templeton announced today that it will close the Franklin MicroCap Value Fund to new investors when the fund’s total net assets reach $300 million. As of November 30, the fund’s total net assets were $258 million, the firm said.

Arkansas State Officials have selected CitiStreet, the joint venture between Citigroup and State Street Corp. and Stephens, a Little Rock-Ark.-based investment banking firm, as the administrators for the state’s new deferred compensation plan.

Franklin Templeton Distributors said today that it will rename its Puerto Rico Tax-Free Income Fund to reflect the product’s tax advantages and to promote its ability to invest in securities outside of that U.S. territory.

Financial Research Corporation has hired Darby Hobbs as senior VP of business development, and incorporated the services of Graylyn Associates, of which Hobbs is founder and president. Graylyn is a consulting firm for financial services firms with a focus on the mutual funds sector.

In an effort to increase its name recognition among retail investors, Delaware Investments announced today that it is changing the names of its six Voyageur funds and two Delaware Group funds to include ‘Delaware Investments.’

Investors who lost a significant portion of their assets in three high yield municipal bond funds after the Heartland Group of Milwaukee wrote down the NAV on three of its funds last year have recouped at least some of their money, the Securities and Exchange Commission announced.