Money Management Executive Latest News

The board of directors of Gabelli Asset Management has authorized a stock buyback program of up to $10 million of its Class A Common Stock at times and prices to be determined, the company announced yesterday.

AMCORE Bank of Rockford, Ill. has established the Americans Supporting Americans Relief Fund to help the World Trade Center and Pentagon recovery efforts and the families and victims of the tragedy. AMCORE Bank is a subsidiary of AMCORE Financial, the asset management unit of which serves as the investment advisor to the Vintage Funds.

A small family of mutual funds said today that an error by its accounting agent caused the company to post erroneous net asset values Monday for two of its three products.

Fred Alger Management’s customers held their shares Monday despite the fact that U.S. equity markets plummeted and the firm’s key official as well as 38 staff members are missing after last week’s terrorist attack on New York City.

INVESCO Funds Group of Denver has added Robert Hickey, the former director of corporate bonds for Oak Brook, Ill.-based Van Kampen Investments, to its fixed income management team.

The PNC Financial Services Group and the Mine Safety Appliances Co. (MSA) announced a partnership today to provide recovery supplies to rescuers in New York City.

Several mutual fund managers and industry professionals found themselves in exactly the right place at exactly the wrong time last week.

AMG Hires Marketing Exec

Last week's terrorist attack brought down much more than the World Trade Center. Crashing down with one of the world's architectural marvels were the U.S. financial markets, which ground to a halt and, as of press time, had not reopened.

A statement posted on the Vanguard Group's Web site said that the company's chairman John Brennan told CNBC that Vanguard had received "many calls" from investors who wanted to know if their money is safe. Brennan sought to reassure them through the statement that, indeed, it was.