Money Management Executive Latest News

Wasatch Funds closed two more of its small-cap funds, leaving just two of the company’s funds open. In contrast, Wells Fargo Funds Management opened a new fund, the Wells Fargo Small Company Value Fund. The fund is sub-advised by Peregrine Capital Management.

Credit Suisse Asset Management reported today a net operating profit for the third quarter of CHF 34 million ($20.6 million), down 58% from the previous quarter.

Assets in exchange traded funds rose by more than $5 billion between September and October as equity markets rebounded slightly, the fund industry’s chief representative group said today.

Even as news of investment company layoffs has turned from a trickle into a flood, the pool of new job openings has not dried up.

Despite a potential uptick in hiring, candidates and employees across the industry may have to adjust their salary expectations to meet a significantly different compensation structure compared to recent years' model.

The study also pointed out an investment management trend towards succession planning among high-level managers. Especially after a long run in an extremely lucrative bull market, the tribulations of the current economic slowdown have wearied many managers, according to the study.

How do you start distributing a whole new product line after you've just cut 10% of your wholesaling staff? According to Alex MacGillivray, president and CEO of Equitable Distributors Inc., it's all part of the plan.

Guardian Life Insurance Company announced that it has hired 17 new wholesalers and plans to hire one more.

September proved one of the worst months in the history of the fund industry in terms of flows, but bank sold funds appear to have weathered the storm better than other sales channels, according to industry observers.

Earlier this month the small fund unit of Seattle-based insurance giant Safeco received three awards for its Web site. The folks over at kasina, a New York e-commerce consulting firm that specializes in mutual funds, thought enough of the site to include it in its annual list of the mutual fund industry's top-20 Web sites. Then, two weeks ago, Safeco Fund's site got two more awards from the Mutual Fund Education Alliance, an organization representing the no-load fund industry.