Money Management Executive Latest News

Waddell & Reed of Overland Park, KS, will offer three new funds of funds that invest in the Waddell & Reed Advisor funds, according to a preliminary prospectus filed late last week with Securities and Exchange Commission.

Heritage Asset Management has changed the investment objective of the Heritage Income-Growth Fund and has appointed Thornburg Investment Management as the fund’s sub-advisor after shareholder’s voted for both proposals, the company announced.

Despite the fact that one out of every three investors experienced a 10% drop in the value of their fund last year and one out of six experienced a 20% loss or more, most investors appear to be sticking to their investments, according to a recent survey.

Arden Asset Management, a New York-based global fund of funds advisor with more than $1.7 billion in assets under management, has been tapped by Phoenix Investment Partners to run a hedge fund of funds program, Arden announced today.

OppenheimerFunds has named a new CEO with no comment as to why. John Murphy has replaced Bridget Macaskill as head of the company, OppenheimerFunds announced on Friday.

Fidelity Investments plans to launch a new mutual fund supermarket in Germany by the end of the fourth quarter, according to company sources.

The National Investment Company Association has named Barbara Weidlich president, the association announced. Weidlich, who will begin as president today, will take over for Bob Goldberg, who served as president of NICSA for ten years and announced his retirement earlier this year.

Skandia brought its first product to the Australian market today, the company announced. Australian Skandia, a subsidiary established by Skandia in June 2000, launched Skandia Global Investment Solutions, an investment product that will seek to offer Australian investors greater global investment options, according to the company.

Philippe Bibi has been named senior managing director and chief technology officer of Putnam Investments. Previously, Bibi served as managing director and head of investments and technology at Enron Corp. in Houston.

Total net new cash flows into stock funds dropped $1.92 billion to $17.29 billion in May from the previous month, but assets held in those funds increased $28.39 billion in the same period, according to the Investment Company Institute.