Money Management Executive Latest News

NEW YORK - Running against the tenets of his political party and possibly the best interests of his company, Wade Dokken, president and CEO of American Skandia of Shelton, Conn., has come out strongly in favor of privatization of Social Security. Dokken's views also stand out from those of the industry, which as an organized group, has been noncommittal on the issue.

SAN DIEGO, Calif. - Mining assets being distributed from qualified retirement plans will be a critical issue for firms as baby boomers retire, according to industry executives and consultants who spoke at the 2000 Operations conference of the Investment Company Institute of Washington D.C., held here last week.

Mutual fund companies and other investment firms are not prepared for the SEC's forthcoming "T+1" requirement that they clear and settle trades within one day of the initial trade, fund industry executives said.

Despite signs of retreat in the bull market, a number of mutual fund companies are spending hundreds of millions of dollars apiece to expand their operational, technical and training facilities.

washington, d.c. - Although it is a vital part of the Investment Company Act of 1940, section 17, which prohibits transactions between affiliates, should be revised in order to allow greater efficiencies in the operations of mutual funds, according to fund executives.

MetLife of New York and its subsidiary State Street Research & Management Company of Boston announced that Richard S. Davis will assume the position of president and CEO of State Street Research Nov. 1.

John Coghlan, vice chairman of Charles Schwab and enterprise president of Schwab Institutional, will become the new head of Schwab's mutual fund operations, replacing Steven Scheid, according to the company. Scheid was named president of Schwab's retail business.

Exchange-traded funds attracted approximately $5.6 billion in net assets in the third quarter ended Sep. 30, according to preliminary estimates from Strategic Insight of New York.

TD Waterhouse Group of New York has introduced seven new proprietary funds, the company announced. The funds have no transaction fees and the minimum initial investment is $1,000, the company said. For subsequent investments, the minimum is $100.The funds cover various market sectors and asset classes.

The Prudential Insurance Company of America of Newark, N.J. has begun offering a global asset management program to non-U.S. clients, the company announced. The program, Strategist, is a fee-based program that uses more than 20 country-related and sector asset classes to build portfolios according to clients' risk and return objectives. Similar to separately-managed accounts, each portfolio of the more than 100 model portfolios that have been developed will be actively-managed by an investment team, Prudential said. The model portfolios range in risk class from aggressive all-equity to more conservative stock and bond funds.