Deals & People January 8, 2007

UBS Securities LLC Gets New CEO

Teresa Mullett Ressel has been appointed as the new Chief Executive Officer of UBS Securities LLC, the US broker-dealer unit of UBS Group Americas, the company announced today.
Reported by
Ressel joined UBS, the world’s largest wealth manager, in 2004 to serve as Chief Operations Officer for UBS Investment Bank in the Americas. Ressel will continue to serve in that role, in addition to her new position. She previously served as Assistant Secretary and Chief Financial Officer at the U.S. Department of the Treasury in Washington D.C.

Ressell, who holds a BS and MS in Engineering from the University of Delaware and an MBA from the Rensselaer Polytechnic Institute in Troy, NY, reports to Robert Wolf, CEO and Chairman of UBS Group Americas and Global COO, UBS Investment Bank.

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“Teresa has a great career track record in the public and private sectors and brings senior management expertise in areas like operations, systems controls, finance, audit and compliance,” Wolf said, in a corporate release. “As we continue to grow and expand here, her depth of experience makes her ideally suited to oversee our broker-dealer business in the U.S.”

The Markets January 7, 2007

Mutual Funds See Decrease in Fund Flows for November

Stock and bond funds experienced net inflows of $17.4 billion in November, down from the $29.8 billion they brought in the month before, according to monthly data from the Financial Research Corporation (FRC).
Reported by

According to the data, International Global funds again stayed in the lead, with net inflows of $13.3 billion, followed by Corporate funds, with a $7 billion net intake. Domestic Equity funds changed courses again, and posted net flows of $685 million (See Domestic Equity Reverses Course in October). Government funds had a net outflow of $4.2 billion.

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By Morningstar category, Intermediate-Term Bond funds took in $5.4 billion in assets in November, while Foreign Large Blend funds posted net inflows of $3.2 billion and Large Blend funds experienced net inflows of $2.5 billion.

American Funds moved up to the top spot, making it the best selling fund group for the month of November with an intake of $6.1 billion. Vanguard Group funds followed, with $4.9 billion in net inflows. Fidelity Distributors funds, with $3.2 billion; and Barclays Global Investors Funds, with $2 billion rounded out the top five.

The best selling funds in November were American Funds’ American Capital Income Builder, with $1.3 billion; Dodge and Cox’s Dodge & Cox International Stock, with $1.17 billion and Fidelity Distributors’ Fidelity Sp Tot Mk, with $1.09 billion.

Complete FRC data can be found at www.frcnet.com.

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