Nicholas Lopardo, vice chairman of State Street Corporation and chairman and chief executive officer of State Street Global Advisors, has “retired” after fourteen years of service to the firm. Lopardo is widely credited with turning State Street into a global powerhouse. Despite his success with State Street, his departure is somewhat contested. The Boston Globe reports that Lopardo left two weeks ago after a long dispute with CEO David Spina. The Globe also says that employees were told not to discuss the matter and that Lopardo was simply on an extended vacation. Well, State Street announced today that Lopardo has “retired”, effective immediately. Regardless of the circumstances, a force at State Street is gone. Timothy B. Harbert, president of State Street Global Advisors and an executive vice president of State Street will take over Lopardo's positions.



Metamarkets revealed that it has eliminated six of its 30 employees a part of its preparation for sale. The sponsor of the OpenFund is liquidating fund assets and selling its content business.



Neuberger Berman has filed a registration statement with the SEC regarding the $151 million resale of its zero-coupon senior convertibles notes callable in May 2021.



The Investment Company Institute found that assets in all fund categories fell for the week ending August 1: total money market fund assets fell $23.22 billion to $2.088 trillion, retail money market mutual funds fell $3.011 billion to $1.078 trillion, while institutional money market funds fell $20.21 billion to $1.010 trillion.



Thomas M. Taylor is joining Alpha Investment Management as CEO, president, and chief investment officer. Taylor oversaw investments of the Bass family of Fort Worth, Texas, since 1978.



Burgers, hotdogs, balloons? No, celebrate this year's 401(k) Day (September 4) in style with a free kit from the Profit Sharing/401(k) Council of America.



InvestorForce, an Internet site for the institutional investment community, has completed 25 or $2 billion worth of investment management searches. Furthermore, the company has 61 searches, worth $8 billion in progress.



Transamerica is adding the following five new sub-accounts to three of its variable life and variable annuity products: Dreyfus Investment Portfolios - MidCap Stock Portfolio - Initial Shares, Franklin Small Cap Fund - Class 2, Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares, Franklin Technology Securities Fund - Class 2, and the AEGON/Transamerica Van Kampen Emerging Growth Portfolio. Policy owners now have access to Franklin Advisers and Van Kampen Asset Management as either advisors or sub-advisors.  

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