Money Management Executive Latest News

Exchange-traded fund assets decreased $3.44 billion in August, bringing total assets to $72.09 billion, the Investment Company Institute reported today.

The terrorist attacks that struck New York and Washington earlier this month have resulted in the cancellation or rescheduling of several industry conferences.

Citizens Funds, a family of socially and environmentally responsible mutual funds, has launched the Citizens Value Fund, the company announced today.

Jeffrey Peek has stepped down from his post as president of href="http://www.ml.com/">Merrill Lynch Investment Managers after four years in that position and 18 years with the firm.

Financial industry wholesalers got an average pay boost of 10.6% last year, despite the fact that global markets began to unravel during the fourth quarter of 2000, according to a study released today.

The investment community both shuddered and grieved when it lost David Alger and 38 investment professionals from Fred Alger Management on Sept 11. Nevertheless, even before the dust settled, the day-to-day business of managing money and the firm's long-term viability had to be considered by Alger itself and the outside firms for which it sub-advised.

Advisers across the country are preparing for their own clients' concerns, emotionally and financially, in the aftermath of the Sept. 11 tragedy. Following the annual National Association of Insurance and Financial Advisors conference in Salt Lake City, Utah, advisers said they anticipated an increase in phone calls from clients who are either worried about unfinished financial matters or just need some reassurance. But for now, many said it's been quiet on the home front. "People are still going to be in a period of shock," said Tom Fowler, an advisor in Bellevue, Wash., and NAIFA trustee.

Norwalk, Conn.-based The Managers Funds, a member of the Affiliated Managers Group of Boston, recently announced that Osprey Partners Investment Management of Shrewsbury, N.J., was selected as sub-advisor to the Managers Value Fund, a domestic mid-to-large cap value equity fund.

There has been no return to business as usual.

For at least two mutual fund companies, disaster recovery plans saved the day when the two World Trade Center towers were destroyed two weeks ago. Both Fred Alger Management and OppenheimerFunds were up and running within hours after their investment offices were obliterated Sept. 11.