Money Management Executive Latest News

Doff Meyer has been named chief marketing officer at Turner Investment Partners of Berwyn, Pa. Previously, Meyer was senior vice president of marketing and retail investor services at Delaware Investments of Philadelphia.

Since November, when the amount of cash held by equity funds reached its highest level in nearly three years, liquidity ratios have stabilized while markets have steadily declined, indicating weak markets have not kept fund managers from investing their assets, according to industry analysts.

After a long period of investing in technology and Internet-related systems, mutual fund firms are looking closely at information technology departments for potential cost savings and chief information officers are being pressured to show results, according to industry executives.

Bucking a trend among mutual fund companies not to advertise negative fund returns, Credit Suisse Asset Management of New York has boldly advertised the recent double-digit losses of its Global Post-Venture Capital Fund. The fund invests in companies that have received venture capital financing within the last 10 years.

The decision by Janus of Denver to eliminate 546 retail operations jobs will reduce the firm's costs by cutting salaries, but the savings will come at the expense of shareholders who may find it difficult to speak with a shareholder representative, according to industry analysts.

Assets of exchange-traded funds have declined during the current market downturn, along with those of many mutual funds. That is no surprise. However, unlike stock mutual funds, which experienced net outflows in February, exchange-traded funds are being used more than ever, as average daily trading volume continues to rise.

Recruiter Don Dzurilla used to see quite a few resumes from portfolio managers come across his desk. These days, those executives are more content, it seems, to stick with their current jobs.

Fidelity's Canadian subsidiary has reached into the ranks of the Canadian banking industry to hire its new president, Jeff Carney, who also brings to his job extensive experience in the distribution side of the wealth management industry.

The merger announced earlier this month between First Union Corporation of Charlotte, N.C. and Wachovia Corporation of Winston-Salem, N.C. brings together two families of mutual funds that will have $96 billion in combined assets, according to the companies.

AMVESCAP of London announced today that it will acquire Pell Rudman & Co. of Boston from Old Mutual PLC also of London, in a multi-year purchase arrangement which includes a $172 million cash payment and potential asset retention payments of up to $28 million over the next two years.