Money Management Executive Latest News

Korean Investment Fund Will End Closed-End Status:Shareholders Approved Conversion in September

Although a tough economy has diminished compensation for most investment professionals, the outlook is not so gloomy for investment management firms, according to a new study issued by Russell Reynolds Associates, a New York-based executive search firm.

AIM Management Group of Houston has named Karen Dunn Kelley president of its institutional marketing group and appointed William Hoppe director of institutional marketing, the company has announced.

Money market fund assets increased by more than $36 billion during the week ending Wednesday, Nov. 7, after falling $11 billion the previous week, according to the Investment Company Institute. Total money market assets now stand at $2.302 trillion.

More high net-worth Americans are inclined to rely on financial advisers since the Sept. 11 terrorist attacks, according to a new survey from The Phoenix Companies.

David Znamierowski has been named president of Hartford Investment Management, a subsidiary of The Hartford Financial Services Group. He will also serve as the subsidiary’s chief investment officer.

Stilwell Financial, the parent company of mutual fund giant Janus, said today that it has completed the process of purchasing 600,000 shares from Janus chairman and CEO Thomas Bailey.

Credit Suisse Asset Management said today that it will begin selling all of its no-load mutual funds as load products and will market them under one brand name, Credit Suisse Funds.

Class Action Status Granted to Suit Against New York Life

A Florida-based law firm has initiated an investigation into the sales practices used to promote two aggressive Merrill Lynch & Co. mutual funds, the Merrill Lynch Focus Twenty Fund and Merrill Lynch Premier Growth Fund.