Money Management Executive Latest News

Not only are the rich getting richer, but there will, no doubt, be more of them, said Peter Bain, executive vice president of Legg Mason of Baltimore.

American Skandia Insurance of Shelton, Conn. is already known as a variable annuity product innovator, particularly of bonus annuities, performance guarantees and immediate variable annuities. But Wade Dokken plans to push that reputation even further.

The SEC has charged Founders Asset Management LLC of Denver with defrauding its clients in a soft-dollar arrangement with an investment advisor, according to an SEC filing. The commission has issued $790,000 in fines against the firm and Bjorn Borgen, its former president.

Mutual fund asset management fees grew 20 percent in 1999, down considerably from an average annual growth rate of 36 percent between 1995 and 1998, according to a study by Strategic Insight of New York.

Federated Investors of Pittsburgh will purchase the mutual fund assets of Investment Advisors of Minneapolis for an undisclosed price, Federated has announced. Federated will assume the investment management, distribution and shareholder servicing responsibilities for 11 funds totaling $400 million in assets. The merger is expected to be completed by September.

Morningstar of Chicago has announced it will offer its investment information products and analytical aids to Korean investors via its new venture, Morningstar Korea.

Janus of Denver will introduce a new group of 11 funds, the Adviser Series, on Aug. 1, according to a registration statement filed with the SEC June 12.

Lexington Global Asset Managers of Saddle Brook, N.J., adviser to the Lexington Group of Funds, has filed a preliminary proxy with the SEC, asking investors to approve the creation of multiple share classes on the funds. Lexington is being acquired by ReliaStar Financial Corp. of Minneapolis, which in turn is being acquired by ING Group N.V. of Amersterdam, The Netherlands.

Reginald Stanley has joined Calvert Group of Bethesda, Md. as senior vice president of marketing. Stanley was previously president of Boston Community Managed Assets of Boston and chief operating officer of its holding company.

NEW YORK - While there are no clearly defined compliance standards for best execution trade practices, firms that do not use electronic commerce networks to conduct any of their trades raise SEC concerns, according to an SEC official.