Nuveen Taps Amboian as Prez, McGannon for Funds
From The Chicago Tribune
John Amboian has taken the reigns as president of Nuveen replacing Anthony Dean who retired in January. Amboian will head Nuveen's fund business, according to Tim Schwertfeger, chairman and chief executive. Amboian joined Nuveen in 1995 from Miller Brewing Co. where he was chief financial officer. Schwertfeger also announced that Rich Hughes is now president of Radnor, PA-based Rittenhouse Financial Services; and that Mark McGannon is executive vice president of mutual funds. The paper reported that the moves are part of the firm's effort to accelerate growth and enhance service to financial advisers and other distributors of its equity and fixed-income investment products.

Nicholas-Applegate Deals Houston Unit
From The Wall Street Journal
San Diego-based Nicholas-Applegate Capital Management will offload its Houston investment management business which manages $9 billion of fixed income to German-based WestLB Asset Management, a unit of Westdeustche Landesbank Girozentrale. Terms of the transaction weren't disclosed. The sale comes on the heals of Nicholas-Applegate sale of its retail funds to Pilgrim America. The manager remains in the business as an institutional manager.

Fidelity, Schwab Strategies Pass in the Night
From InvestmentNews
Last week word spread of Fidelity's decision to pull its retail funds from the shelves of rival supermarkets. Now Schwab is placing its own funds onto the shelves of rivals, including Fidelity, Waterhouse and DataLynx. Fidelity is allowing advisers to sell only it adviser funds unless they use Fidelity's own fundmart.

The Secret of Vanguard's Success
From The Wall Street Journal Europe
One-eighth of the $125 billion in mutual fund inflows during the past 12 months have been earmarked to Vanguard. The story provides all of the usual reasons and provides a basic primer on Vanguard's keys to success. One interesting tidbit is that Vanguard spends 40% of its budget on technology. One fifth of that amount (8%) is spent on Vanguard.com. Another factoid reveled here is that Vanguard spent just $10 million on advertising last year.

There is Life After Retirement
From The New York Post
What's up with Michael Price, not Rob Friedman, penning that letter to shareholders of Franklin Templeton's Mutual Series funds? And the long retired Peter Lynch still hawking Fidelity funds. Beth Peskora points out that funds are relying on retired stars rather than today's talent.

Short Takes
The Wall Street Journal is among the papers following up with reports on yesterday's pick up of Everen Capital by First Union. The Chicago Tribune gives the local take on the deal. The industry view of the deal is reported by The American Banker. The four pure play Net funds are adding Telecom stocks to their portfolios according to SmartMoney 

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