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BISYS Fund Services Hires Giannone, Miskel as VPs

In the high-tech heist film "Sneakers," a team of computer hackers attempts to physically break into the secured secret headquarters of a criminal organization. Among the various barriers protecting the facility, the team encounters a voice-recognition device that responds to the phrase, "My voice is my passport; verify me."

John Hancock Financial Services of Boston this month launched a $25 million to $35 million advertising campaign to highlight changes to its brand and make consumers aware of its full range of investment product offerings, now extending beyond just insurance. This is the company's first new brand platform in a decade and first new advertising campaign in three years.

In spite of their famed repute for rewarding investors with stellar gains, more and more hedge funds are tanking—and increasingly are closing shop, The Wall Street Journal reports. The burgeoning number of hedge funds has led to portfolio managers all chasing the same ideas, leading to slimmer profits and bigger market swings.

The Financial Planning Association’s appeal to a Securities and Exchange Commission rule allowing brokers to give investment advice without being regulated as an investment advisor was scheduled to be heard yesterday.

Fidelity Investments has introduced an open architecture annuity platform that an executive said should help the Boston investment company retain assets after 401(k) customers retire.

Beginning today, the New York Stock Exchange will begin trading two stocks on its electronic trading system, The Wall Street Journal reports.

Columbia Management, the investment management division of Bank of America, completed the mergers of 11 funds Wednesday, in its continuing effort to simplify the choices it offers investors.

Fidelity Investments announced Wednesday it has hired Mark Friebel as head of asset allocation at Pyramis Global Advisors, its division running institutional funds. He reports to Young Chin, Pyramis’ chief investment officer.

Securities and Exchange Commission Chairman Christopher Cox announced the opening of registration for the annual CCOutreach National Seminar on Wednesday.

While the Dow Jones Industrial Average hit a new high Tuesday, the Fidelity Magellan fund was the weakest performer of the 10 largest mutual funds in the nation, Bloomberg reports.

The NASD fined Oppenheimer & Co. $800,000 on Wednesday for failing to timely and accurately report 6,100 municipal securities transactions between January 2003 and May 2004, as well as not responding to the regulator’s request for information in September 2004.

Legg Mason has renamed its separately managed account businesses, using the ClearBridge and Western Asset Management brands.

Mellon Financial has closed its previously announced deal for Walter Scott & Partners, an Edinburgh equity investment firm specializing in global and international strategies.

Fueled by the strength in financials and utilities and investors’ aversion to volatility in growth stocks, value mutual funds have continued to deliver strong returns, The Wall Street Journal reports. Many experts had predicted growth would return to favor.Year-to-date, domestic value funds have delivered an average return of 8.95%, compared to growth funds’ average of 1.22%.

Although mutual funds own 25% of the stocks in the nation and could initiate corporate reform through their proxies, they overwhelmingly support management, The Wall Street Journal reports.

The Securities and Exchange Commission has filed civil charges against Gene Mancinelli, a former broker with Wall Street Access, for allowing a hedge fund to place more than 2,000 improper trades in mutual funds between April 2001 and October 2001, Associated Press reports.

Bank wealth managers are increasingly embracing open architecture platforms, a survey of 51 executives by SEI shows.

Fears that the U.S. economic growth is slowing prompted many investors to return to international mutual funds, helping revive their performance in the third quarter, The Wall Street Journal reports.

Mutual fund investors overwhelmingly prefer summaries to full annual reports, according to a poll commissioned by the Investment Funds Institute of Canada, Canadian Business reports.