Money Management Executive Latest News

Lincoln Financial Distributors, the distribution arm for the Lincoln family of financial services and insurance products, has cut 66 jobs, nearly half of which will be come from its wholesaling force. Last year, the firm consolidated the sales forces from all its products into a single unit, moving from product-based silos to channel-based silos.

Investec Group’s U.S. fund management unit, Investec Asset Management U.S. Ltd, is seeking to liquidate three funds and merge them with two other funds in the firm’s lineup of products, according to a proxy statement filed with the Securities and Exchange Commission.

The final chapter in the Heartland Funds’ valuation case may be coming to a close. A receiver appointed by the U.S. District Court in Chicago is proposing that the firm’s three high yield bond funds at the center of the debacle sell their high quality bonds and distribute the proceeds to shareholders, according to a report appearing on the Milwaukee Journal Sentinel’s Web site.

The executive roster at the Charles Schwab Corporation has undergone some recent changes affecting its mutual fund division and corporate management.

Participation in section 529 college savings programs should increase, according to a survey conducted for American Century Investments by Elrick & Lavidge. Though currently about 6% of eligible parents take part in 529 programs, 39% of the 500 parents surveyed said they were likely to participate in a 529 plan in the future. That is up from 31% who said they would participate when the survey was done last year.

Wilmington Trust Corp. will buy advisory firm Balentine & Co. to expand into Atlanta’s high-net-worth market. Terms of the deal, which is expected to close in January, were not disclosed.

Spectra Securities Software will create a partnership with AnnuityNet that will integrate annuities into Spectra’s WealthWare order management software. WealthWare provides a Web-based system for banks, brokerages, insurance companies and financial planners that includes equities, fixed income products, wrap accounts and annuities.

The Ziegler Companies, Inc. today announced a 10% reduction in staff across its businesses. The Milwaukee, Wis.-based firm operates a capital markets group and an investment services group, including the North Track mutual fund family.

New York-based investment advisor Neuberger Berman said this week that it will acquire the $800 million in assets managed by Oscar Capital Management LLC. The deal is expected to close by year-end.

The majority of mutual fund complexes throughout Boston have either continued freezing or cutting advertising budgets this year, after an already slowing economy was sucker-punched by the terrorist attacks of Sept. 11, the Boston Business Journal reported.