Money Management Executive Latest News

Washington, D.C. - The possibility that actively-managed exchange-traded funds could cause market volatility is one of the issues to be addressed in a concept release' that the Securities and Exchange Commission expects to issue in the next few months, according to Paul Roye, director of the SEC's division of investment management. Roye discussed the SEC's active exchange-traded fund concept release at the general meeting of the Investment Company Institute of Washington D.C. here earlier this month.

Investors just do not take a hint when it comes to using bond funds as a diversification vehicle, according to industry analysts.

ING Americas of Atlanta began a major U.S. marketing campaign last week. The campaign, which will run through December, includes print and broadcast ads and will cost more than $20 million. It is the company's first effort to consolidate into a single brand the two companies that were acquired last year by ING Americas' parent company, ING Groep of Amsterdam, the Netherlands, according to the company.

A lot of Americans are looking at the short-term when it comes to their retirement plan balances. Thirty percent of investors who faced a choice about their plan balances, either because of leaving a job or retiring, said they took a cash payment, according to a recent study by Putnam Investments of Boston.

In the May 14 issue of Mutual Fund Market News, unnamed sources were quoted as saying that Putnam Lovell Securities of San Francisco was abandoning the 12b-1 financing business. At the time, the company did not return calls from the reporter seeking comment. Subsequent to the publication of the story, the company issued the following statement from Michael Llodra, a managing director at the company: "Putnam Lovell is still originating new B-share financing programs, and will maintain its presence in the fund-fee distribution sector. In fact, the firm has two mandates for new programs which will close this quarter."

Pacific Life Insurance Company of Newport, Calif. is adding 12 mutual funds to its line up of life insurance and annuity products, according to a preliminary proxy statement filed with the Securities and Exchange Commission last week.

WASHINGTON D.C. - Terry K. Glenn, chairman of the Investment Company Institute lauded mutual fund investors for shrugging off the markets' downturn and focusing instead on long-term investment goals at the institute's general meeting here earlier this month.

Drew Devereaux and Gregory Genovese have been promoted to senior vice president and eastern and western divisional sales manager, respectively, at Kelmoore Investment Company of Palo Alto, Calif. Previously, Devereaux was a regional vice president with New England Annuities. Prior to joining Kelmoore, Genovese was with Bear, Stearns & Co. of New York. Michael Loukas has been promoted to senior vice president and national inside sales manager, also at Kelmoore. Loukas previously worked for CIBC Oppenheimer Asset Management of New York in institutional sales.

Pacific Life Insurance Company of Newport, Calif. is adding 12 mutual funds to its line up of life insurance and annuity products, according to a preliminary proxy statement filed with the Securities and Exchange Commission last week.

In a dramatic revision of its sales strategy, Kelmoore Investment Company of Palo Alto, Calif., has added 13 new sales positions, including four new members to its internal sales force, the company announced this week.