Money Management Executive Latest News

First Union Corp. and Wachovia Corp. today announced the formation of the merged banks’ capital management group and named heads for that group’s asset and wealth management units.

Strong Capital Management has been selected by the State of Nevada to run its 529 college savings plan, according to a company spokesperson. The company already administers 529 plans in Oregon and Wisconsin.

INVESCO Retirement has been selected to run the defined contribution retirement plan for AGL Resources. The conversion to INVESCO is expected to be completed by October 2001, according to the companies.

In the latest in a series of changes to E*Trade Asset Management’s line of proprietary index products, the firm is seeking to convert its Bond Index Fund to active management, according to a company document filed today with the Securities and Exchange Commission.

Parents who are saving for their children's college education appear to be losing sleep over the same horrible scenario: Their child reaches college age and all that saving and investing of the past 18 years has been sucked away by declining markets.

Lipper will begin offering mutual fund ratings to retail investors and advisers through a new Web site, LipperLeaders.com, starting Oct. 5, said Robin Thurston, director of research for the firm.

Meghan Burti

Although the independent broker/dealer channel is one of the largest and fastest growing distribution channels for mutual funds, it is a tough one for wholesalers to target, according to a new study issued by Cerulli Associates of Boston.

Dreyfus Funds is hitting the road this fall to talk up its small-cap funds. The firm is launching a roadshow featuring Hilary Woods, co-manager of the Future Leaders Fund and several of the firm’s other small-cap funds, and George Saffaye, the company’s small-cap specialist.

Rydex Funds of Rockville, Md. has launched a mid-cap index fund to round-out its large- and small-cap fund offerings, the company announced today.