Bill Kipp, president and chief operating officer of Charles Schwab Investment Management and executive vice president of the retail index SchwabFunds, will be retiring from the company within the year. Kipp was responsible for creating SchwabFunds in 1991, beginning with the conversion of three money funds worth $3 billion. Today, SchwabFunds includes 48 equity, bond and money funds with assets of more than $88 billion. Kipp joined Schwab in 1990. The company has not yet named a replacement for him.

Peter Borghi has joined State Street Research & Management of Boston as director of investment advisor services. In this position, Borghi will be responsible for the sale of the firm's mutual funds to registered investment advisors. Borghi was previously a sales executive at Massachusetts Financial Services.

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