Money Management Executive Latest News

A record $20.6 billion flowed out of stock mutual funds in March, the largest one-month outflow in dollars and the fourth largest outflow in percentage of assets, according to the Investment Company Institute of Washington D.C.

Accenture of New York has developed a new product division called Encompys to create a new Internet-based product for fund managers, the company announced late last week.

INVESCO Funds Group of Denver announced Friday that Manulife Financial and Sun Life Financial, both of Toronto, have added INVESCO products to their annuity product lines.

Fees generated from managed assets helped Federated Investors of Pittsburgh generate $41.6 million in net income in the first quarter, an 11 percent increase from the same period last year, the company announced last week.

John Hancock Financial Services of Boston has formed a partnership with Compass Bancshares of Birmingham, Ala. to expand its bank distribution, John Hancock announced last week.

Morgan Stanley of New York cut four percent, or 1,500 positions, from its securities and investment management businesses, the largest company-wide layoff in its history, according to a company spokesperson.

Delaware Investments of Philadelphia announced last week that it plans to cut 14 funds from its lineup through fund mergers and liquidations over the next couple of months, bringing the company's total mutual fund offerings to 49.

The Vanguard Group of Malvern, Pa. has announced that it is adding new financial management services for shareholders. A new area for the services will be introduced on Vanguard's website next month and the company will phase the new services in throughout the year, according to the company.

Morgan Stanley Dean Witter of New York will issue a new social index fund called the Morgan Stanley KLD Index Fund, according to a preliminary prospectus filed April 17 with the Securities and Exchange Commission.

Frank Russell Company of Tacoma, Wash. has hired Capital International and Fidelity Management & Research Company to manage portions of two of its multi-managed international funds, the company has announced.