Money Management Executive Latest News

Standard & Poor's Retirement Services, the investment advisory subsidiary of Standard & Poor's Investment Services of New York, has received an exemption to the Employee Retirement Income Security Act. The exemption will safeguard it and plan sponsors who use its services against fiduciary liability.

Separately-managed account assets grew four percent during the second quarter, according to Cerulli Associates of Boston.

Lee Munder, former chairman and founder of Munder Capital Management of Birmingham, Mich., has launched a new firm, Lee Munder Capital Group of Boston.

The Bank of New York has agreed to acquire Ivy Asset Management of Garden City, N.Y. for an undisclosed price, Bank of New York announced.

Following its acquisition of U.S. Trust of New York this past June, Charles Schwab & Co. of San Francisco will offer an $800 million private equity fund for wealthy investors this fall, a Schwab spokesperson said.

Investec Asset Management U.S. of Pasadena, Calif., advisor to the Guinness Flight Funds, will change the objective and name of its Guinness Flight Asia Blue Chip Fund to the Guinness Flight Asia New Economy Fund as of Aug. 31, said Susan Park, a spokesperson for the company.

Bankers Systems of St. Cloud, Minn., is providing IRA services to FOLIOfn.com, an online investment company headquartered in Vienna, Va.

The U.S. District Court for the Southern District of New York has tossed out a motion by Vanguard of Malvern, Pa. to dismiss a lawsuit that Standard & Poor's parent company, McGraw-Hill of New York, brought against Vanguard for using the S&P 500 Index for an exchange-traded class of shares.

Northwestern Mutual Life Insurance Company of Milwaukee, Wis. has been given permission by the Treasury Department's Office of Thrift Supervision to establish a trust company that will offer trust services and investment management services to wealthy clients, the company announced.

State Street Corp. of Boston has hired a team of executives and salespeople for its St. Louis office, in an effort to expand its middle market business, the company announced. Kevin Jones will head the office. He was previously a regional director with Bankers Trust of New York. His team will include Norine Flaherty, Claire Douglass and David Dahm, all of whom were previously with Boatmen's Trust of St. Louis.