Interstate/Johnson Trio To Lead Wachovia Units
Wachovia Corp. has promoted three former executives of Interstate/Johnson Lane, which it bought last year, to head its own brokerage businesses.The $68.8 billion-asset Winston-Salem, N.C., company named Edwin A. Dalrymple, 49, and Lewis F. Semones, 41, as co-presidents of Wachovia Securities in Charlotte, N.C., succeeding James Morgan, 58, who retired.
Douglas R. Aldridge, 46, was promoted to the newly created post of president of IJL Wachovia, overseeing the network of 58 Interstate/Johnson Lane offices.
The promotions put all securities functions - including broker-dealers IJL Wachovia and CapTrust Financial Advisors LLC; Wachovia Investments; and Investments Direct, the online trading division - under common leadership.
Mr. Dalrymple had been with Atlanta-based Interstate/Johnson Lane since 1981 and was director of its private client group from 1991 to 1996. Mr. Semones was the chief financial officer.
Mr. Morgan, who had been president and chief executive officer, will be a consultant to Wachovia's capital markets division, said Robert S. Kniejski, the executive vice president of banking company's asset and wealth management division.
- Matt Ackermann
Mellon Adding Funds For Wealthy Clients
Mellon Financial Corp. of Pittsburgh is planning a new family of funds for its high-net-worth clients.The MPAM Family of Funds will comprise 13 portfolios - two of them new and 11 that are being converted from common trust funds. The investment adviser will be MPAM Advisers, a division of Dreyfus Corp., a New York-based subsidiary of Mellon.
The funds are designed only for clients of Mellon's private asset management group, a spokeswoman said.
In a separate development, Dreyfus said in a filing with the Securities and Exchange Commission that it will close its Emerging Leaders Fund to new investors after June 30.
- Amy L. Anderson
Morningstar in Joint Hong Kong Venture
Morningstar Inc. of Chicago announced plans last week to offer financial information to investors in Asia and Europe.Morningstar said Friday that it had formed a joint venture with Internet provider Pacific Century CyberWorks of Hong Kong to offer consumer-focused financial Web sites, beginning in Hong Kong and expanding to other markets.
Morningstar provides similar services in Japan, Australia, New Zealand, Canada, and Sweden.
Nationwide Annuity For New Retirees
Nationwide Financial Services Inc. of Columbus, Ohio, has introduced a variable annuity designed to help customers manage their nest egg during retirement.The America's Income Annuity is meant for people at retirement age who have $100,000 to $500,000 of assets to invest. Customers choose from nine payment options, including fixed, variable, or a combination of fixed and variable payments.
The idea is to help retirees disperse their savings in the most tax-efficient way, said a spokesman.
The annuity is sold through banks, brokerages, and independent financial planners.
Nationwide has also added several wholesalers to sell annuities, insurance, and pension products. Nationwide has hired 13 wholesalers in its bank channel in the past year, and eight wholesalers to work with independent financial planners over the past few months.
The spokesman said that Nationwide had added the salespeople because of increased competition in the industry.
- Amy L. Anderson
