Money Management Executive Latest News

Wiesenberger of Rockville, Md., announced last week it has formed an alliance with UpTick Data Technologies of San Francisco to produce research reports on mutual funds.

Alliance Capital Management of New York is selling its 50 percent stake in BCN Alliance Capital Management S.A. to its joint venture partner Banco de Credito Nacional. BCN is a subsidiary of Banco Bradesco S.A. of Sao Paulo, Brazil.

KPMG of New York resigned as independent auditor for AIM Funds of Houston last December after the accounting firm discovered it was in violation of auditor independence rules, according to a Security and Exchange Commission filing submitted March 27 by AIM.

Robert Hartman was named senior vice president and senior investment strategist of Provident Investment Advisors of Cincinnati. Previously, Hartman was chief investment officer and managing director at Tapke Hartman Asset Management of Crestview Hills, Ky.

Send news of job changes to Andrew Brent at Mutual Fund Market News, 11 Penn. Plaza, New York, NY 10001, or e-mail: andrew.brent@thomsonmedia.com. Please include the individual's previous position.

A fund's sub-adviser can open new distribution channels, provide investment expertise, lend name recognition and, in some cases, create a conflict of interest, according to industry lawyers and observers.

WASHINGTON, D.C. - Two class action suits involving the use of proprietary funds with in-house pension plans have opened the door for class action lawyers who are likely to go after other mutual fund companies, according to industry lawyers.

WASHINGTON, D.C. - It has been over nine months since E-SIGN, the Electronic Signatures in Global and National Commerce Act, was signed into law, but there remains some uncertainty with regard to how the act governs certain aspects of electronic delivery of retirement products and services, according to industry executives.

Whether State Farm Life Insurance Company of Bloomington, Ill. can parlay its success as a property and casualty insurance company into creating a strong asset management business is unclear, but the company's announcement that it will offer wealth management services is a move in that direction, according to industry observers.

Just how bad were industry flows in February and what is in store for March? While few analysts would dispute that industry flows were significantly down in February from the previous month, the answer to both questions can vary as widely as the information sources used to answer them.