Money Management Executive Latest News

Roulston & Company Investment Management and The Hickory Group, two investment advisors based in Cleveland, will merge, the companies announced today. Roulston & Company Investment Management is the advisor to the Roulston family of mutual funds.

Merrill Lynch Investment Managers Canada has proposed changes to the investment objectives of its Internet and Canadian Income Trust funds, the company announced today.

Fidelity Investments has filed a proxy with the Securities and Exchange Commission to make some changes within its Advisor Series I funds. As a potential cost-saving measure, the firm is asking for the option to adopt a fund-of-funds structure in the future but has no immediate plans to do so. Other proposed changes are designed to keep the funds compliant with SEC regulations.

A Web consulting firm that serves the financial services industry said in a report to be released next week that companies are woefully underserving investors who save for retirement.

Amid continued reassurances that the financial engines of money management firms were secure after the disastrous events in New York this week, some firms began opening their money market accounts for business today.

Zurich Financial and Deutsche Bank are in advanced negotiations of a deal in which Deutsche Bank would acquire the Swiss insurance giant’s mutual fund arm, Zurich Scudder Investments, and Zurich Financial would pick up Deutscher Herold and other European insurance companies held by Deutsche Bank.

Fiduciary Trust, a subsidiary of San Mateo, Calif.-based Franklin Resources that was headquartered in Two World Trade Center, said that 555 of its employees escaped the building including its CEO, CIO, CFO and most of its portfolio managers, but said 90 employees were still unaccounted for as of 2:30 PST yesterday.

Advisers across the country are preparing for their own clients’ concerns, emotionally and financially, in the aftermath of Tuesday’s tragedy. FPi (Financial Planning interactive) spoke with advisers stranded in Salt Lake City, Utah, following the annual National Association of Insurance and Financial Advisors conference about their expectations once they return to the office.

There are no words that can adequately describe or explain the events that took place here Sept. 11. Last week’s acts of terrorism snuffed out thousands of lives, shook the foundation of the world’s financial system and diminished our collective sense of security.

Washington Mutual Donates $250,000 to Red Cross