MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 16, 2000 August 16, 2000 Nvest execs set for $200 million windfall From CBS.MarketWatch Nvest executives are set to take home more than $200 million over the next five years as a part of the firm's buyout by CDC Asset Management. CEO Peter Voss will receive a minimum of nearly $2.3 million annually for five years and will be eligible to participate in a $194 million retention program. A proxy filed last week by Nvest also revealed that Loomis, Sayles CEO Robert Blanding also signed a five-year employment agreement. Other executives in the retention pool are G. Neal Ryland, Nvest's financial chief, general counsel Jeffrey Plunkett and Sherry Umberfield, executive vice president for corporate development. UBS sharpens the axe From New York Post UBS is readying the axe for PaineWebber employees. The paper reported that PaineWebber's human resources department as posted a Web site detailing severance packages that will available to employees when layoffs begin. The paper says UBS confirmed that there will be some layoffs, that no number has been decided. The package for all officers holding an assistant vice president title or higher is three weeks of base salary for each year of service. Other staff will receive two weeks of base salary for each year of service, with a minimum payout of 26 weeks and a maximum payout of 52 weeks. The Web site says that "this severance plan will remain in effect for anyone who is asked to leave the firm up (to) 180 days from the date of closing." Germany's Weisenhorn opens shop From Wall Street Journal Elisabeth Weisenhorn, Germany's answer to Peter Lynch, is quitting Deutsche Bank's DWS Group opening up her own shop. The new firm -- Weisenhorn & Partner -- is set to take advantage of the growing celebrity of German fund managers as the Neuer Markt takes off and already has a customer. DWS has tapped the new firm to advise the Neuer Markt Deutschland fund. "The time is ripe," she told the paper. She spent 15 years at DWS and managed $6.3 billion in assets. Weisenhorn plans to run two more stock funds, one focused on Europe and another on the U.S., reports the paper. Financial-services funds are back From Wall Street Journal Funds specializing in financial-services stocks are riding the property-casualty insurance sector back to life. Financial-services funds are up an average 11% so far this year, says Lipper. Century Capital Management's Century Shares Trust, Prudential Financial Services Fund, and Invesco Financial Services Fund are highlighted in the article. Printed from: MFWire.com/story.asp?s=25862 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |