Money Management Executive Latest News

Netfolio, the second company to offer so-called stock baskets, which allow investors to choose and manage their own groupings of stocks, will shut down that service this week, according to published reports.

AIM Management Group of Houston announced today that it is partnering with Union Bank & Trust to provide investment products, management and distribution for Nebraska’s 529 college savings plan.

A deal that would shift the management of three HSBC USA mutual funds to Wilmington Trust has hit a snag and time is running out to complete the transaction, according to a senior Wilmington official.

Nationwide Financial is making online enrollment available to its pension plan participants as part of an effort to ease the enrollment process for its sales staff and clients, the company announced yesterday.

Getting some clients to talk about asset transfers at death is hard, but if left undone, it is likely that the client’s family will pay a terrible price, both emotionally and financially. With that in mind, one company has developed guidelines for planners and their clients.

The board of directors of Greenwich Street California Municipal Fund (AMEX: GCM) approved a proposed merger of the closed-end fund with Smith Barney California Municipals Fund, an open-end mutual fund. GCM is managed by Smith Barney Fund Management LLC, formerly known as SSB Citi Fund Management LLC, a wholly-owned subsidiary of Salomon Smith Barney Holdings Inc.

T. Rowe Price of Baltimore has changed its independent accountant, according to a document filed today with the Securities and Exchange Commission. KPMG will now handle the company’s financial statements.

A deal that would shift the management of three HSBC USA mutual funds to Wilmington Trust has hit a snag and time is running out to complete the transaction, according to a senior Wilmington official.

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.

Dain Rauscher is starting to develop a corps of wealth managers among its 1,100 brokers, starting with about 175, who are enrolled in a 30-day training regimen. Eventually, the firm plans a three- to six-month course that, "over time" will be available to all Dain reps. The new plan was launched this summer at the company’s annual three-day business development symposium in Scottsdale, Ariz. According to spokeswoman Trace Landowski, the program will continue to operate following the merger between Dain and Tucker Anthony Sutro.