State Street Names CFO

September 30, 2002 (PLANSPONSOR.com) - State Street Corporation has tapped Edward Resch as executive vice president and chief financial officer.

State Street said in its announcement that Resch will report to David Spina, State Street chairman and chief executive officer.

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Resch most recently served as managing director and CFO of Pershing, a New Jersey-based firm that serves a wide range of brokerage companies and financial institutions.

Prior to his role at Pershing, Resch was a managing director of Donaldson, Lufkin & Jenrette, Inc., serving as chief accounting officer.

He succeeds Ronald O’Kelley, who left State Street in March 2002 for personal reasons.

Money Market Funds Drop $38B in August

September 27, 2002 (PLANSPONSOR.com) - Money market mutual funds were the big losers in August with $38.3-billion outflow over the month-- a dramatic reversal from July's $54.5 billion inflow, an industry report said.

Of that August figure, the Investment Company Institute said institutional funds reported a $22.1 billion outflow.

Meanwhile, ICI said money continued flowing out of US equity mutual funds in August, but it was barely a puff of wind compared to the outflow hurricane that swept through stock funds the month before, an industry repot said.

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ICI said investors walked off with $2.91 billion from domestic stock funds in August – an enormous drop from July’s $52.6 billion leaving equities for safer heavens. Domestic stock funds reported a $629 million August outflow while overseas equity funds showed a $2.2-billion outflow.

Bond funds enjoyed a healthy August, though not quite as rosy as July (see Money, Bond Funds Bulk Up in July  ).  Fixed income had a $17.3-billion August inflow, compared to the previous month’s torrent of new money totaling $28 billion. Taxable bond funds had a $13.5 billion inflow over the month while muni funds enjoyed a $3.7 billion inflow, ICI said.

Overall the combined assets of the nation’s mutual funds increased by $10.4 billion to $6.389 trillion in August, according to the ICI.

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