The Securities and Exchange Commission and the Federal Reserve Board are looking into the accounting practices at PNC Financial Services Group. The bank restated its 2001 earnings, lowering the figure by nearly $155 million after changing how it accounted for bad loans it sold last year. The move comes as investors are more closely tracking accounting. Its auditor is Ernst & Young.



New York Life has named Theodore Mathas and Robert Smith to its executive management committee. Mathas is coo for the firm's life and annuity business. Smith is the senior vice president overseeing special markets.



Investec Asset Management has merged the Investec Asia New Economy Fund into the Investec Asia Small Cap Fund. The resulting new fund, Investec Asia Focus Fund, will carry a new objective also. The fund plans to hold 35 to 40 stocks from the Asia Pacific region, excluding Japan. The aggressive fund will also be able to invest in companies of any size. The firm gained shareholder approval to merge the Investec Wireless World Fund and the Investec internet.com Index Fund into the Investec Wired Index Fund.



Old Mutual (US) Holdings reported inflows of $4.4 billion, or 2.5 percent of its total assets for 2001. Total assets slipped due to $9.4 billion of market movements and $23.0 billion of divestitures of affiliates. Assets in its Pilgrim Baxter & Associates affiliate reached $12.6 billion. Pilgrim Baxter had net inflows of client assets of approximately $800 million for the year, the company said. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE