Money Management Executive Latest News

The West Virginia State Treasurer’s Office has preliminarily selected The Hartford Financial Services Group to sponsor its 529 college savings plan, said Charles Bockway, deputy treasurer of the Treasurer’s Office.

Ariel Capital Management, long known as a value fund complex, has filed with the SEC to launch a new growth product, the company announced this week.

Domestic equity fund experienced net outflows of $3.4 billion during the week ending Wednesday, October 24, according to AMG Data Securities of Arcata, Calif. International equity funds had net outflows of $1.1 billion coming from all emerging and developed regions.

Advisers at Morgan Stanley have a new game to play and a new product to show to small and midsize business clients.

New York Life Insurance Company received the highest level of satisfaction from employers for its 401(k) plan service, according to a recent survey from 401kExchange.

Nearly half of Americans surveyed say they will pursue new investment strategies if their retirement account balances are lower at the end of 2001 than they were in January. But as consumers struggle to cope with the economic downturn, employers say they're unprepared to provide the retirement-planning information employees need to make informed decisions.

Legg Mason Wood Walker, the broker-dealer subsidiary of Legg Mason, and Delaware Investments, part of the Lincoln Financial group, will offer a full-service multifund retirement program. Companies with more than 100 employees and $1 million in assets will be the target audience for the program, to be called Legg Mason/Delaware SelectSolutions Advantage.

Mellon Financial bought a 15% equity interest in Optima Fund Management, a New York-based hedge fund management firm. The purchase is effective immediately. Details of the deal were not disclosed.

Fidelity Investments announced today that it will offer employee stock purchase plan services to institutional customers, including its current 401(k) clients, as the company pushes the growth of its stock plan services business.

Stilwell Financial, the parent company of mutual fund giant Janus, reported this week that its third-quarter net income declined 47% from the same period last year.