AT THE BELL

Pioneer shakeup under way

* The $23 billion Pioneer Group Inc., a troubled Boston money manager, has been quietly shaking up its stock fund team. The company confirmed last week that two portfolio managers of underperforming funds have resigned. A spokeswoman confirmed other resignations, but would not say whose.

Robert Benson, manager of the $107 million Real Estate Shares Fund, which posted a loss of 24.39% for the 12 months ended March 31, left on April 9. Norman Kurland resigned as manager of the $359 million Pioneer International Growth Fund in January. The managers, who could not be reached, were both replaced.

Reits rally – really

* Investors’ shift toward cyclical stocks pushed the beleaguered Morgan Stanley Real Estate Investment Trust index up almost 8% to 307.96 Friday. Reits owning office properties did particularly well: Mack Cali Realty Corp. and Equity Residential Properties Trust were each up 11% and CarrAmerican Realty Corp. climbed nearly 15%. Real estate mutual funds were up 4.17% for the week, compared with a loss of 0.01% the prior week, Lipper Inc. reports, and are still down 0.93% for the year through April 16. “The rally this week will get some people off the sidelines,” says Louis W. Taylor, a senior real estate analyst with Prudential Securities in New York.

Insurer group wants planners

* The board of directors of the 105,000-member National Association of Life Underwriters was scheduled to meet last weekend to discuss plans to create a financial planning group in an effort to attract a broader constituency. The group, the largest organization of life and health insurance agents and brokers, votes in September on changing its name to the National Association of Insurance and Financial Professionals.

Hot, hot Janus Twenty closing

* Worried that too much money will dilute its performance, Janus Funds is closing its $26 billion Janus Twenty Fund – the country’s 21st largest – to new investors today. The fund has nearly tripled in size since last year and increased 30% in six weeks, fueled by its large-cap growth focus and high-tech weightings. It has returned 47.92% and 36.1%, respectively, over three and five years, Morningstar Inc. reports. The fund will remain open to pension funds and to advisers with discretionary authority and, through Friday, to investors who have already received applications.

Aon names new prez

* Aon Corp. – the country’s second-biggest insurance brokerage – named Michael O’Halleran, 48, president and chief operating officer and a board member, increasing the likelihood that he will eventually succeed chairman and CEO Patrick Ryan, 61, who previously held the presidential post as well. Mr. O’Halleran joined Aon in 1987 and most recently served as president and chief operating officer of the company’s brokerage and employee benefits business.

Better bond prices in works

* A subcommittee of the House Commerce Committee last week unanimously approved legislation to require the Securities and Exchange Commission to make bond price information more widely available. Bond prices quoted to investors can vary by as much as 6%, said House Commerce Committee Chairman Tom Bliley, R-Va.

Morningstar gets Vanguarder

* Morningstar Inc., the Chicago mutual fund tracker, has hired a Vanguard Group executive to come up with product ideas for financial planners. The new hire, Sue Stevens, is currently senior manager of participant education in Malvern, Pa. She starts May 1.

Correction

* In last week’s front page story on the InvestmentNews planner pay survey, Cambridge Investment Research president Eric Schwartz was not completely identified and his comments were cut short. The complete quote: “Not so long ago everyone expected a wave of fee-only independent money managers, with reps leaving broker-dealers for places like Schwab. In the last three or four years, most of us haven’t lost more than one or two.”