Mellon Unit Hires Two Development Execs
Boston Company Asset Management, a unit of Pittsburgh's Mellon Financial Corp., said Wednesday that it has hired two business development executives.Dennis P. Sheehan is responsible for business development in the Midwest and Canada. Previously he worked at ABN Amro in Chicago, where he headed marketing for its investment management business in the United States.
Tim Smith is to head Boston Co.'s marketing to pension fund consultants. He joined the Mellon unit from Pioneer Investment Management of Boston, where he handled marketing to consultants and retirement plan sponsors.
In a separate announcement, Mellon's Dreyfus Corp. said Wednesday that it plans to offer "separate accounts" for wealthy people.
The announcement came on the heels of similar moves by Massachusetts Financial Services of Boston and OppenheimerFunds of New York. Companies such as Janus Capital Corp. and T. Rowe Price have been managing separate accounts for years.
Separate accounts - managed portfolios of stocks or bonds based on a specified investment style - are proving an increasingly popular alternative at some investment companies. The accounts give wealthy investors more control over the types of securities they hold, which among other things can help them mitigate tax consequences.
Dreyfus plans to offer the accounts through First Union Securities, PaineWebber Inc., and Salomon Smith Barney, a unit of Citigroup Inc. The accounts are to be managed by Fayez Sarofim & Co. of Houston.
- Cheryl Winokur
Huntington to Switch Annuity Processors
Independent Financial Marketing Group Inc. will handle annuity processing for Huntington Bancshares of Columbus, Ohio, beginning April 1.Independent Financial, based in Purchase, N.Y., is to set up a center at the banking company to give back-office support to the annuities program, including processing account information and sales. Financial Institution Marketing Co. of Milwaukee currently handles annuities processing for Huntington.
Rob Comfort, senior managing director of Huntington's investment arm, said the decision to change processors was based on Independent Financial's technology and its willingness to set up a processing center at Huntington.
Huntington, which had $320 million of annuities sales in 1999, is aiming for $600 million this year, Mr. Comfort said.
- Amy L. Anderson
Asset Management Firm Hires a President
AIG Asset Management International has hired Stuart Rogers to be president.Mr. Rogers' duties in the newly created post are to include promoting new products and developing marketing initiatives. Before his hiring last month, he was managing director of Nuveen Online Financial Services, a unit of John Nuveen & Co.
The company was started in July to develop and distribute retail asset management products overseas. It is a division of SunAmerica Asset Management Corp., which is a subsidiary of American International Group Inc. of New York.
- Amy L. Anderson
E-Trade Launches Index-Tracking Fund
E-Trade Group, the Menlo Park, Calif., discount brokerage operation, last week launched a new index mutual fund.The E-Trade Global Titans Index Fund is to track the Dow Jones Global Titans Index, which covers 50 companies drawn from the world's leading blue-chip firms. The addition of the no-load portfolio brings to seven the number of funds in E-Trade's proprietary family. It now manages about $200 million of fund assets.