$1 Billion Foundation Picks Northern Trust
Northern Trust Co. has been named custodian for the $1 billion foundation of the University of North Carolina at Chapel Hill.The Chicago banking company is providing custody, risk management, and performance measurement services to the university's foundation investment fund and its temporary investment pool.
Northern Trust's corporate and institutional services trust and custody group will provide the services to the foundation. The unit has 1,000 clients, which include corporations, foundations, endowments, and government agencies.
Northern Trust has $1.38 trillion of assets under administration and $262.8 billion of assets under management.
- Karen Talley
Pa. Bank Brokerage Appoints President
Keystone Brokerage Inc. of Williamsport, Pa., has named Todd E. Richards president.He succeeded Mark A. GaNung, who left the banking company unit in June to become chief executive officer of the Pittsburgh-based financial planning firm Allegheny Financial Group.
Mr. Richards, 51, was previously a regional sales manager at Keystone Brokerage. Before being appointed president on Nov. 22, he had been sharing Mr. GaNung's duties with operations manager William Cunnion.
Mr. Richards said he has begun planning initiatives for the coming year, though he said it is too early to discuss them. Keystone is a subsidiary of $6.9 billion-asset Keystone Financial Inc., based in Harrisburg, Pa.
- Amy L. Anderson
Eaton Vance Will Add 4th Tax-Managed Fund
Eaton Vance Corp. of Boston is planning to launch its fourth tax-managed mutual fund in the next quarter.The equity fund will pursue a value style of investing, a spokeswoman said. The fund company already has a tax-managed growth portfolio, a tax-managed emerging growth fund, and a tax-managed international growth portfolio.
Tax-managed funds, which use strategies designed to limit tax consequences for shareholders, have been popular the last couple of years. Eaton Vance has 58 funds, according to the company's Web site. It had $26.5 billion of assets under management in long-term and money market funds on Oct. 31, according to Financial Research Corp. of Boston.
A Web Site for Bank Investment Sales Reps
Human Capital Resources Inc., a St. Petersburg, Fla., financial services recruiting and consulting firm, is launching a Web site for bank investment sales representatives.BankInvestmentRep.com, to be up and running on Jan. 1, will provide sales advice and product information targeted to bank investment and insurance salespeople.
"Bank representatives tend to need and want more information," said Human Capital Resources president Paul A. Werlin.
Unlike their wire house counterparts, who might have dozens of co-workers, bank representatives often "feel isolated," Mr. Werlin said. "This gives them the opportunity to share ideas and information and see what's going on in the rest of the world," he said.
Access to the site will always be free to bank representatives, Mr. Werlin said. Human Capital Resources and advertisers will contribute content.
Mr. Werlin said the site's biggest expense would be marketing. The company plans an aggressive advertising campaign and has pledged to reinvest at least 25% of gross revenues in promoting the site.
- Amy L. Anderson
Broker-Dealer in Mass. Rolls Out 2 More Funds
Investors Capital Corp., a midsize broker-dealer in Lynnfield, Mass., has launched two proprietary mutual funds.The Investors Capital Internet Fund, unveiled Nov. 18, invests in 20 to 30 Internet companies with assets of $10 million or more. The Investors Capital Twenty Fund, introduced Oct. 15, invests in 20 to 30 stocks that offer growth potential because of their business model, technology, or proprietary products.
While concentrated funds are riskier than more diversified portfolios, a focus on companies with strong earnings should appeal to more conservative, middle-income investors, said Frederick F. Sears Jr., portfolio manager for the two funds.
The Internet Fund manages about $1 million of assets and the Twenty Fund manages about $2 million. Mr. Sears said he hopes to have $1 billion in each of the funds in nine months to a year.
Investors Capital distributes the funds through its 80 branch offices and is negotiating selling agreements with other broker-dealers, Mr. Sears said.
- Amy L. Anderson
Putnam Names Head Of Risk Management
Putnam Investments of Boston has hired a new head of risk management.Erwin Martens was previously head of global market risk management, fixed income, and derivatives for Lehman Brothers Inc. of New York. The slot had been vacant since the spring, when Brian Fullerton left the company, a spokesman said.
Putnam manages $300 billion of assets for individuals and institutions.