Money Management Executive Latest News

Pioneer Investment Management announced today the launch of the Pioneer Global Value Fund, which is expected to begin operations on September 28. The fund will be jointly managed with Mercury Advisors, Merrill Lynch’s U.S. sub-advisory unit.

The Charles Schwab Corp. today sent an email to its employees announcing more job cuts, bringing the total staff reduction to approximately 25% by the end of the year. A mistaken estimate of the duration of the prevailing economic downturn resulted in inadequate reductions earlier this year.

Wachovia announced today that it will base its newly structured wealth management division in Winston-Salem, N.C. following completion of the merger it announced this spring with First Union Corporation.

Wells Fargo & Co. is set to acquire SIFE, advisor of the $789 million SIFE Trust Fund, the company announced today. The fund, which has always invested in the financial services sector, will be renamed the Wells Fargo Specialized Financial Services Fund.

Equity mutual funds experienced outflows of $1.23 billion in July, while taxable and municipal bond funds saw a combined $9.33 billion in net flows, according to the Investment Company Institute.

In a deal valued at more than $247 million, asset manager AMG will acquire a majority stake in Freiss Associates, the growth-oriented investment advisory firm best known for handling the well-known Brandywine fund family, it was announced today.

The UK equivalent of the Securities and Exchange Commission has given Boston-based Bdirect Capital approval to begin providing its alternative investment products in that country.

Software and e-commerce company SunGard Asset Management Systems has developed a new division that will provide outsourced wealth management services to banks and RIAs, it was announced today.

Financial technology firm Barra, Inc. has promoted one of its EVPs to president and rehired its former COO, who departed two-and-a-half years ago for the dot-com world. Aamir Sheikh has been promoted from EVP to president, assuming those duties from Kamal Duggirala, the firm’s CEO. Robert Honeycutt has resumed his former post as COO.

Investors who use one of two popular software titles to manage their finances on their personal computers will now be able to download their mutual fund account information via AIM Management Group's Web site.