AT THE BELL

Mass exit at Mass Mutual?

Massachusetts Mutual Life Insurance Co. confirms that it has offered early retirement to all its 5,000 employees. A spokesman for the Springfield company, which holds $175 billion, says not all are eligible, but declines comment on the terms or on whether layoffs are in the company’s future. The employees, who work in Springfield and Hartford, Conn., have until July to make up their minds. Subsidiaries OppenheimerFunds Inc. and David L. Babson & Co. are not affected. The company earned $359.2 million in 1998 on revenues of $11.7 billion, and $261.7 million on revenues of $10.8 billion in 1997.

American Funds mulls wraps

Capital Research and Management Co., which has long resisted the push to add multiple share classes and to sell through wrap programs, is reconsidering, a spokesman confirms. The Los Angeles company, which runs the $250 billion American Funds group, sells only portfolios with front-end loads through stockbrokers and financial planners. The firm is also set to roll out New World Fund, its first new offering in five years and its first retail emerging markets portfolio.

Morgan Stanley marketer out

The head of global marketing and client services at Morgan Stanley Dean Witter Investment Management is leaving after 15 months, shortly after industry colleagues named him as one of seven top institutional marketers in the country. Frank P. Minard plans to start his own investment management company, reports InvestmentNews sister publication Pensions & Investments, but will remain an advisory director for now. A spokesman says Morgan Stanley Dean Witter & Co. is “refocusing its institutional marketing efforts.

Widespread fraud charges

The Securities and Exchange Commission has begun civil action against Philadelphia brokerage Pryor McClendon Counts & Co. Inc., its former vice chairman and Atlanta’s former investment officer, alleging that the official steered $9.8 billion worth of trades to Pryor. “The accusations are meritless,” says a lawyer representing Pryor and former principal Raymond McClendon. Separately, the SEC is accusing the firm’s president, Allen Counts, of fraud in connection with campaign gifts made to New York City officials.

Strong hires teacher’s helper

Strong Capital Management Inc. has hired United Services Automobile Association muni fund picker John Bonnell to co-manage its top-yielding $2.3-billion Municipal Money Market fund with Steven Harrop. Mr. Harrop currently runs the fund as well as $2.9 billion in the Municipal Advantage, Short-Term Municipal Bond and Municipal Bond funds for the Menomonee Falls, Wis., firm. He will continue to do so from afar as he takes a part-time teaching post at Southern Utah University in Cedar City. Mr. Bonnell ran $721 million in five state municipal funds at USAA in San Antonio.

AIG insiders go long

American International Group Inc. had the largest number of insiders buying its stock in the first quarter among companies in the Standard & Poor’s 500 Index. Between Jan. 18 and March 1, a dozen executives and directors of the New York insurer bought 47,388 shares, including 2,024 shares on the open market at $112.25 each on March 1, according to First Call Corp. in Boston.

Stein Roe unit gets new boss

Liberty Financial Cos. named William E. Rankin as president of Stein Roe Private Capital Management, a Chicago unit that oversees $8.1 billion. Mr. Rankin, who joined Stein Roe & Farnham in 1994, most recently served as executive vice president in the unit. He replaces Hans P. Ziegler, who is leaving to “pursue other opportunities,” according to a Liberty statement.

Banking reform debate, cont.

The Senate is scheduled to start debating long-tortured financial modernization legislation today. The sticking point is still the Community Reinvestment Act, which requires banks to serve low-income neighborhoods, and Democrats may filibuster.

Correction

A Feb. 15 story on MegaBank Financial Corp. should have stated that the Englewood, Colo., bank holding company’s stock declined 5%, to $9.50, between its initial public offering in July and Dec. 31.