Money Management Executive Latest News

At a time when an increasing number of companies are reportedly scaling back their wholesale forces, Guardian Life Insurance Company said today that it has hired 17 new wholesalers and plans to hire one more.

James McCall, a well-known fund manager hired by Merrill Lynch & Co. in 1999, has resigned from the company, The Wall Street Journal reported today. The two aggressive funds managed by McCall, the Merrill Lynch Focus Twenty Fund and Merrill Lynch Premier Growth Fund, have lost 71% and 54%, respectively, so far this year.

On Dec. 10, American Skandia will launch its Nevada-based 529 plan in partnership with Strong Capital Management. The American Skandia College Savings Program will be available in A- and C-class shares and is designed to offer a variety of investment style options.

Sagging equity markets and the Sept. 11 tragedy amounted to a tough third quarter for insurance giant Marsh & McLennan Cos. and its subsidiary, Putnam Investments. Marsh’s third quarter profits plummeted 40% and Putnam’s third quarter operating income dropped 30% from the same period last year.

The House Ways and Means Committee today approved a bill that seeks to make it easier for companies to offer investment advice to 401(k) participants.

The Securities and Exchange Commission issued a concept release today seeking public comment on actively managed exchange-traded funds.

Allianz Dresdner Asset Management, the Allianz Group’s U.S. money management arm, has hired John Maney as its new U.S. CFO, replacing Robert Fitzgerald, who is leaving the firm in order to "spend more time with his family and pursue personal interests," according to a company announcement.

While companies are dedicating resources toward increasing employee participation rates and encouraging them to diversify their contributions among a variety of funds, plan participants do not appear to be catching on to that message, according to Hewitt Associates.

Connecticut-based financial services provider American Skandia said it has appointed Lincoln Collins as chief operating officer.

kasina, a New York-based e-business consulting firm that specializes in asset management firms, announced today its selections for the top 20 retail mutual fund webs. The firm also named the top 10 sites for small fund complexes.