Money Management Executive Latest News

This time, they hope to get it right. The boards of the Investment Management Consultants Association (IMCA) and the Institute for Certified Investment Management Consultants (ICIMC) have agreed to a "consolidation." If approved by the respective memberships, the combination of the two organizations that serve the separately managed account business will operate more like a confederation than one central organization, at least at first.

It may not have been a good year for the stock market, but 2000 produced the sixth consecutive year in which brokers enjoyed a pay boost.

In terms of their financial preferences and habits, high-net-worth GenXers are not much different from their Baby Boomer parents, according to a survey commissioned by the MainStay division of New York Life Investment Management.

In an effort to better leverage their institutional product line, Merrill Lynch Investment Managers (MLIM) has restructured its U.S. Institutional Distribution Group, tapping Dick Hoag for a senior position, the company announced yesterday.

Money market funds decreased $10.22 billion during the week ending Sept. 5, bringing total assets to $2.128 trillion, the Investment Company Institute reported today.

Integrated Fund Services will pause in its recent executive build-up with the hire of Martin Westfall, now VP of fund accounting and financial reporting. Planning the expansion of future business, Cincinnatti-based IFS has hired approximately a dozen executives during the last eight months, including Roy Rogers, VP of client services and development.

The Alleghany Funds will be renamed using the ABN AMRO brand name, according to a spokeswoman for Alleghany Asset Management. Last October, ABN AMRO Holdings of Amsterdam announced that it had reached an agreement to acquire Alleghany for $825 million (MFMN 10/23/00).

The Vanguard Group has aligned itself with the Reader’s Digest Association to launch a marketing campaign in 2002. Vanguard is looking to leverage Reader’s Digest’s direct mail marketing expertise and resources, said James Gately, managing director of Vanguard’s Direct Investor Services Division.

February may seem far off, but it’s high time that mutual funds get up to speed on after-tax disclosure. While many firms have already taken steps to integrate after-tax performance calculations, especially those aiming to meet the Securities and Exchange Commission’s October 15 deadline for compliant fund advertising, some heel-draggers have procrastinated through the summer.

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 today.