Money Management Executive Latest News

As uncertainty in the equity markets continued during the first quarter of 2001, sales of variable annuities declined.

Three Merrill Lynch portfolio managers working in the firm’s Los Angeles office have resigned, a company spokesperson said yesterday.

The median total compensation for investment professionals working for mutual funds jumped 38 percent, to $270,500 in 2001, from $196,000 in 1999, according to a survey released today by the Association for Investment Management Research of Charlottesville, Va. and Russell Reynolds Associates of New York.

State Street Global Alliance, a jointly-owned subsidiary of State Street Global Advisors and State Street Corporation, all of Boston, will develop and sell alternative investment products, including hedge funds, and has acquired hedge fund manager, RXR Group of Stamford, Conn., the company announced today.

AIM Funds of Houston will be asking shareholders to approve a change that will allow the fund group to have one 12-member board of directors for all of the group’s funds.

SunAmerica of Los Angeles will begin a new ad campaign tonight during game one of the NBA championships on NBC, according to the company.

FleetBoston Financial Corp. has agreed to acquire Liberty Financial’s asset management units for nearly $1 billion, both companies announced yesterday.

E*TRADE Group of Menlo Park, Calif. has signed an agreement with Standard & Poor’s of New York to offer online investors 21 predesigned 'baskets' of stocks, to be called E*TRADE Stock Baskets. The companies made a joint announcement today.

Legg Mason of Baltimore announced last week that it will acquire Private Capital Management, a high-net-worth manager in Naples, Fla. in a cash and incentive deal that could reach $1.38 billion. This is Legg Mason's third acquisition of a wealth adviser within the past six months.

Bank of New York will provide fund accounting and custody services for John Hancock Funds of Boston, the companies announced last week.