From the November 2007 issue of Research Magazine • Subscribe!

IN BRIEF

On October 31, Thomas Faust became chairman and CEO of Eaton Vance, succeeding James Hawkes, who retired. This changing of the guard was announced in early 2006.

Faust has been with Eaton Vance since 1985, when he joined as an equity analyst. He served as chief investment officer since 2001.

Robert Whelan became CFO of Eaton Vance on October 31, following the retirement of William Steul. Whelan began work at Eaton Vance in April after serving as CFO of Boston Private Management Group, as well as CFO of MFS Investment Management. Eaton Vance had more than $153.5 billion of assets under management as of August 30.

Matthew Witkos was appointed president of Eaton Vance Distributors in May. He joined the firm from IXIS Asset management Advisors Group. In late July, Eaton Vance introduced a new closed-end fund, the Eaton Vance Risk-Managed Diversified Fund (ETJ) through an IPO that raised $1.3 billion. The investment advisor and distributor manages more than 160 mutual funds.

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Old Mutual Capital, operator of Old Mutual Asset Management, says it has four new sales executives. "Through their efforts, Old Mutual will expand and deepen its relationships across key distribution Channels," explains Bruce Johnston, CEO, Old Mutual Investment Partners (OMIP).

The four new members of Old Mutual's distribution team are: George Endres, who joined the firm from Sentinel Financial Services and previously had a 16-year career at Merrill Lynch; Jim Gallagher, a 20-year Merrill Lynch veteran and former executive for Dreyfus Investments; Mark Kiniry, formerly of Delaware Investments/Lincoln Financial Distributors and Pioneer Investment Management; and Debra Landsman-Yaros, who also has worked at Delaware Investments and Merrill Lynch.

"These four new appointments are indicative of Old Mutual Capital's commitment to earn the trust and confidence of a growing base of financial advisors," adds Johnston.

In July, Old Mutual introduced a new website (www.oldmutualfunds.com) for financial advisors and individual investors, complete with a learning center and investment tools. Clients can now transfer assets across the firm's entire fund platform online.

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Van Kampen Investments has announced that its U.S. Growth team will assume day-to-day management responsibilities for the company's Aggressive Growth Fund, Select Growth Fund, Strategic Growth Fund, LIT Aggressive Growth and LIT Strategic Growth.

In addition, the fund family's board has approved a series of fund mergers, which are subject to shareholder approval: Aggressive Growth Fund is to merge into Mid Cap Growth Fund, Select Growth Fund is to merge into Equity Growth Fund and Strategic Growth Fund is to merge into Pace Fund.

In October, Van Kampen's Aggressive Growth Fund, Select Growth Fund and Strategic Growth Fund were closed to new investors but remain open to existing shareholders.

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Evergreen Investments, the investment-management unit of Wachovia, says it is developing a Financial Institutions Group under the leadership of Mike Woods. This new channel will encompass Evergreen's existing Financial Advisory Division; Sub-Advisory Relations Group and Defined Contribution Investment Only business.

Woods will oversee distribution of Evergreen products and investment strategies to independent financial planners and registered investment advisors, as well as to some institutional clients. Previously, Woods served as CEO of XTF Global Asset Management. Before that post, he spent six years at Citigroup/Legg Mason.

On September 19, Evergreen confirmed today that it had reached a settlement with the SEC regarding short-term trading activity and e-mail retention. Wachovia Securities was also a party to the settlement. Without admitting guilt, Evergreen Investments agreed to a payment of about $28.5 million in disgorgement and $3.5 million in civil penalties, and Wachovia Securities agreed to a civil penalty of $500,000.

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Janet Levaux is the managing editor of Research; reach her at jlevaux@researchmag.com.

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