Money Management Executive Latest News

Insurance companies, grappling with the growing challenge of market timing activity in their variable annuity sub-accounts, are taking a conciliatory approach compared with that many mutual fund companies have adopted towards market timers.

The Undiscovered Managers Funds of Dallas is suspending the offering of C shares on all of its mutual funds and closing two of its smallest funds, according to a statement of additional information the fund group filed with the SEC March 15.

Merrill Lynch & Co. of New York announced last week that it has appointed Robert C. Doll as global chief investment officer, and Peter J. Gibbs as global chief operating officer of Merrill Lynch Investment Managers, Merrill Lynch's asset management arm. Merrill Lynch Investment Managers, which has over $550 billion under management, has regional headquarters in London, Princeton, N.J., and Tokyo. Merrill Lynch also announced the retirement of its investment management unit's joint chief operating officers, Carol Galley and Stephen Zimmerman. Zimmerman's retirement will take effect June 30 while Galley will continue with the firm through the end of the year.

American Express Financial Corporation, a unit of American Express Company of New York has filed a registration statement with the Securities and Exchange Commission for three new mutual funds, it announced today.

State Farm Life Insurance Company of Bloomington, Ill. will begin offering wealth management services through a partnership with Phoenix Home Life Insurance Company of Hartford, Conn., State Farm announced today.

The Franklin Templeton Funds of San Mateo, Calif. will begin offering fund shareholders a paperless document option on their website beginning June 1, according to a filing registered March 28 with the Securities and Exchange Commission.

KPMG of New York resigned as independent auditors 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 27th by AIM.

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.

Mutual fund flows were down sharply in February from the previous month and stock funds recorded their worst month in over two years with $3 billion in net outflows, according to the Investment Company Institute of Washington D.C.

Merrill Lynch & Co. of New York announced in a statement today that it has appointed Robert C. Doll as global chief investment officer, and Peter J. Gibbs as global chief operating officer of Merrill Lynch Investment Managers, Merrill Lynch’s asset management arm.