Money Management Executive Latest News

Money market mutual fund assets totaled $2.07 trillion for the week ended Wednesday, April 25, according to the Investment Company Institute.

Thomas Lucey, a senior managing director at Putnam Investments, will retire at the end of June, the company announced yesterday.

H. Sanford Riley will become the chairman of the board of directors for Investors Group of Winnipeg, company officials announced today.

Mellon Financial Corp. of Pittsburgh today announced that it will acquire Standish, Ayer & Wood, a predominantly fixed-income investment manager based in Boston in an all cash deal.

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 today.

Forty percent of advisors surveyed last fall said their clients are investing more in managed accounts than they were five years ago.

Stilwell Financial of Kansas City, Mo. announced today that it has sold approximately $600 million in 30-year convertible bonds in a private sale.

The India Fund of New York announced today that shareholders have approved a new country adviser for the fund. The new country adviser, Advantage India of New York, replaces Infrastructure Leasing and Finance Services of Mumbai, India.

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.

John Hancock Financial Services of Boston has formed a partnership with Compass Bancshares of Birmingham, Ala. to expand John Hancock’s bank distribution, John Hancock announced today.