Even stars are not safe of the layoff scythe sweeping financial services. Prudential Financial is cutting Bob Stovall loose at the end of the month. The famed analyst and former head of Stovall/Twenty-First Advisers was laid off as market strategist as a part of wider job cuts, reports Reuters. He told the news service that he was cut for budgetary reasons in light of the shrinkage in activity and that he has formed Stovall Advisors. Stovall joined Prudential in 2000. It recently hired Ed Yardeni from Deutsche Banc Alex Brown to replace Greg Smith as its chief investment strategist.



ETF Assets Down $1 Billion

Exchange-traded funds (ETFs) assets slipped slightly to $82.00 billion in January 2002 from $82.99 billion in December, according to the Investment Company Institute. A year ago ETF assets totaled $78.85 billion. Domestic ETFs accounted for nearly the entire decline and fell by $929 million. International ETFs decreased by $61 million. The total number of funds remained the same as the prior month at 102.



Mellon Cuts Employer Stock Ties

Mellon Financial has decided that what is good for the goose is good for the gander. The firm is joining the ranks of plan sponsors loosening restrictions around company stock offered through its 401(k) program. It is not, however, changing the all-Dreyfus lineup of diversified options in the plan. Mellon is the parent of Dreyfus and Buck Consultants.

Marty McGuinn, Mellon's chief executive, informed workers that starting July 1 they can sell the Mellon stock they have held in their 401(k) since before January 1, 2000, reported the Boston Globe. More than one-third (36 percent) of the $1 billion plan is invested in Mellon stock. Prior to the change shares were restricted until age 55. The plan also lifted the restriction on trading company stock around the end of each quarter. The action was taken after Mellon created a task force on the subject in December. Last week the board of directors of Gannett, publisher of USA Today, took similar action last week.



SHRM Names New Prez

The Society for Human Resource Management (SHRM) has named Susan R. Meisinger as its president and chief executive officer. She has been executive vice president and chief operating officer at SHRM since 1999 and has been with SHRM since 1987. Her term starts March 1st. 

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