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Tuesday, March 12, 2002

State Street Creates Strategy

Reported by InvestmentWires Staff, 

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State Street Creates Strategy

Joe Antonellis has been tapped to head a new strategy effort at State Street, according to the Boston Globe. He had formerly been head of the public funds business at the firm. The creation of the strategy development office is part of a restructuring led by Ronald Logue, vice chairman and president, reports the paper.

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Raises at State Street

While State Street is squeezing costs, the new executive team managed to do ok. Chairman and chief executive David Spina received a 35 percent hike in compensation. His salary ($983,369) and bonus rose 35 percent to a combined $2.7 million, according to SEC filings. Still, after a year on the job his pay falls short of the pay of his predecessor, Nicholas Lopardo, who earned $5.4 million in total compensation his final year. Lopardo will receive $11.5 million in cash severance payments by June 30, 2004. Also getting a big raise was Ronald Logue, vice chairman and president, whose package rose in value 77 percent to $4.3 million.

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Pyramid Promotes Pair

Retirement software maker Pyramid Digital Solutions has promoted George Connors to senior vice president, professional services and Kathleen Craig to vice president, project management.

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Franklin Assets Grew 18%

Franklin Resources says assets under management at the fund firm grew to $266.0 billion on February 28, 2002, from $264.9 billion at the end of January. Year-over-year, assets grew more than 18 percent or by $40 billion from $225.1 billion. Equity funds at Franklin slipped by $400 million from last month.

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Amex VAs Win Sibling Distribution

American Enterprise Life Insurance has added the American Express FlexChoice Variable Annuity to its distribution channel. The insurer is an affiliate of American Express. The variable annuity offers 37 investment options plus fixed options, with the flexibility of an array of optional riders and death benefit features.  

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