The Securities and Exchange Commission and the Federal Reserve Board are looking into the accounting practices at PNC Financial Services Group. The bank restated its 2001 earnings, lowering the figure by nearly $155 million after changing how it accounted for bad loans it sold last year. The move comes as investors are more closely tracking accounting. Its auditor is Ernst & Young.
* * *
New York Life has named Theodore Mathas and Robert Smith to its executive management committee. Mathas is coo for the firm's life and annuity business. Smith is the senior vice president overseeing special markets.
* * *
Investec Asset Management has merged the Investec Asia
New Economy Fund into the Investec Asia Small
Cap Fund. The resulting new fund, Investec Asia Focus
Fund, will carry a new objective also. The fund plans
to hold 35 to 40 stocks from the Asia Pacific region,
excluding Japan. The aggressive fund will also be able
to invest in companies of any size. The firm gained
shareholder approval to merge the Investec Wireless
World Fund and the Investec internet.com Index Fund
into the Investec Wired Index Fund.
* * *
Old Mutual (US) Holdings reported inflows of $4.4
billion, or 2.5 percent of its total assets for 2001.
Total assets slipped due to $9.4 billion of market
movements and $23.0 billion of divestitures of
affiliates. Assets in its Pilgrim Baxter & Associates
affiliate reached $12.6 billion. Pilgrim Baxter had
net inflows of client assets of approximately $800
million for the year, the company said. 
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