Money Management Executive Latest News

Equity funds experienced net inflows of $21 billion in April, benefiting from a turnaround in investor confidence, according to Lipper of Summit, N.J. That comes after the largest net outflows from equity funds ever in March, according to Lipper.

WASHINGTON, D.C. - The key aspects of the new global economy are the liberalization of regulation, an increase in the mobility of capital, a movement towards common standards and digitization, according to Lowell Bryan, a director and senior partner at McKinsey & Company of New York. Bryan discussed strategies for asset managers competing in a global economy at the Investment Company Institute's general meeting here earlier this month.

CitiStreet, a retirement benefits provider of Quincy, Mass., has signed an agreement with the state of Florida to administer a new defined contribution retirement option for state employees, the company announced last week.

State Street Corporation of Boston will acquire the portfolio accounting service business of DST System of Kansas City, Mo., the companies announced last week.

ING Pilgrim Funds of Scottsdale, Ariz. has filed a preliminary proxy with the Securities and Exchange Commission seeking to replace J.P. Morgan of New York as the sub-advisor to its Pilgrim Research Enhanced Index Fund with Aeltus Investment Management of Hartford, Conn., an affiliated company, according to the proxy.

WASHINGTON D.C. - Phillip J. Purcell, chairman and CEO of Morgan Stanley Dean Witter of New York, and Charles R. Schwab, chairman and co-chief executive officer of Charles Schwab of San Francisco said their recent decisions to cut jobs were among the most regrettable of their careers.

Christopher Condron has joined AXA Group of Paris as president and chief executive officer. Previously, Condron was president and CEO of Mellon Financial Corporation of Pittsburgh.

WASHINGTON, D.C. - The Securities and Exchange Commission may drop a new rule requiring funds to report after-tax performance figures if a proposal to allow investors to defer a portion of capital gains taxes on their fund investments becomes law, said Paul Roye, director of the SEC's division of investment management.

The sharp growth of unit investment trusts in the late 1990s was halted last year, and it may be the emergence of exchange-traded funds that is the biggest reason, according to industry analysts.

When Robert Pozen steps down as president of Fidelity Management & Research Company of Boston June 15 and Abigail P. Johnson takes over as president of one of the argest money managers in the world, a fundamental change in leadership style is likely to occur, according to industry analysts.