Money Management Executive Latest News

BISYS, the New York-based mutual fund and insurance product distributor, is continuing its bid to expand its insurance-related business with new reporting services for variable annuity and variable life insurance products, the company said today.

AnnuityNet, Inc. has signed a deal to get variable annuity data from Wiesenberger. The Rockville, Md.-based firm will provide PDF data sheets on its database of 14,587 sub-accounts and 560 variable annuity contracts.

In a move to cater to the high-net-worth market, the Vanguard Group today announced that it is opening a new private equity investment program with Hamilton Lane Advisors, a Bala Cynwyd, Pa.-based private equity advisor.

In response to a request for comment, the Investment Company Institute sent a letter late last month to the Municipal Securities Rulemaking Board (MSRB) encouraging the board to regulate municipal fund securities, particularly 529 college savings plans, like mutual funds. The MSRB, a self-regulatory organization that is supervised by the Securities and Exchange Commission, develops rules regulating securities firms and banks involved in underwriting, trading, and selling municipal securities and bonds issued by states, cities, and counties or their agencies to help finance public projects.

New York Life Investment Management has added QED Investments LLC to its roster. The Parsippany, N.J.-based firm picks up $650 million in assets under management as well as a managed account product line.

Progress Investment Management Company has hired a new CIO to replace Clayton Jue, who is leaving the firm to pursue other interests. Donna Gilding will leave her position as CIO of the New York City Comptroller’s Office to head up investing at Progress.

Merrill Lynch & Co. has announced several management changes. Thomas W. Davis, president of the firm’s Corporate and Institutional Client Group (CICG), will become a vice chairman of Merrill and will lead an expanded private equity business. He will also now serve as head of the company’s Global Securities Research & Economics Group.

The Investment Company Institute has re-elected Merrill Lynch Investment Managers President Terry Glenn to a second consecutive one-year term as chairman of its Board of Governors and also elected 15 new members to the board, it announced today.

Despite the Sept. 11th terrorist attacks and an overall drop in consumer confidence, many U.S. investors are showing their allegiance to the country and its economy by spending money and plan to invest, according to a survey conducted by ING Aetna Financial Services.

Strong American Utilities Fund to Change Name, Focus:Portfolio Will Include Dividend-Paying Value Stocks