Money Management Executive Latest News

Ted Truscott, Zurich Scudder Investments' CIO has jumped ship to become the CIO for American Express Financial Advisors, the Minneapolis-based asset management arm of American Express, the company announced last week.

The head of financial services at London-based Old Mutual, PLC stepped down late last month, saying that the job he was hired to do has "substantially been completed," the company announced.

In a move aimed at bolstering its wealth management business, Commerce Bancorp announced late last month that it has hired a new CIO and two portfolio managers from Summit Bancorp, a subsidiary of FleetBoston Financial.

The John Nuveen Company and Jeffrey Maillet and certain members of his investment team are parting ways. Maillet, who managed the Chicago-based firm's Senior Loan and Floating Rate funds, and his team members are leaving in order to pursue "a new professional focus and broader asset management opportunities beyond Nuveen's current priorities," according to a company statement.

Steven Lydenberg, one of the architects behind the first socially screened equity index, has joined Domini Social Investments as a principal responsible for the firm's global social investing analysis.

With the compliance deadline for after-tax performance reporting rapidly approaching, the Investment Company Institute is meeting today with technology vendors and fund companies to review reporting methodologies, said John Collins, an ICI spokesman

Washington Mutual Donates $250,000 to Red Cross

Merrill Lynch Investment Managers, the Merill Lynch asset management and mutual fund unit with $533 billion in assets under management, has fired two top executives for failing to adequately supervise a currency trader who misallocated currency trade returns, a spokeswoman for the company said.

Bank of America Asset Management Group (AMG) has hired Daniel Darst to fill the newly-created position of marketing executive. AMG encompasses BofA’s capital management group and private banking, trust, and retail bank brokers.

As the bidding war for Zurich Scudder Investments nears finality, the firm’s clients are waiting to see if the casualties of the acquisition will be detrimental to their portfolios.