Money Management Executive Latest News

Phoenix Investment Partners cut 14%, or 16 positions, from its sales and marketing division last week, a company representative said.

Blackstone Alternative Asset Management (BAAM), a unit of The Blackstone Group of New York, has hired two executives to serve the company’s European institutional clients and help identify alternative investment managers, Blackstone announced yesterday.

Franklin Resources of San Mateo, Calif. will cut the salaries of its employees who earn more than $200,000 a year by 10% and will cut the salaries of employees who earn less than $200,000 by 5%, according to a report appearing in today’s Wall Street Journal.

In a bid to attract a greater percentage of high-net-worth investors as well as attract and retain brokers who sell to that market, Merrill Lynch is revamping its broker compensation plan.

Fidelity Investments announced today that it has cut 760 employees, about 2% of its workforce. The reductions, from several of the company’s business units, are not "across-the-board," but rather were made independently by each unit, according to the firm.

The terrorist attacks of Sept. 11 have had little impact on high-net-worth investors’ optimism about the economy and their confidence in their investments, but more wealthy investors indicated they are considering using a financial advisor following the attacks, according to a new survey.

Storm-tossed stock markets and a cloudy economic outlook have 401(k) plan participants seeking safe harbors such as bond and stable value funds for their savings.

A provider of research and news about socially responsible investing announced this week that it has published a new guide aimed at helping institutional investors integrate social criteria into their investment strategies.

The Calvert Social Investment Foundation, an affiliated charity of Calvert Group, has created the Calvert Giving Fund, which the company says is the first socially responsible donor-advised fund.

Not only do investors want to have their cake, but now they want baking lessons. As investors seek out advice more than ever, financial planning has taken on a vastly increased role in the financial services industry, which in turn has forced mutual fund firms to completely change the nature of fund wholesaling, according to industry consultants.