AT THE BELL

Fidelity wooing fledgling RIAs

Fidelity Investments, out to steal market share from Charles Schwab Corp.’s No. 1 adviser trading network, is trying to nab would-be clients even before they register with the SEC. The Boston-based mutual fund giant has launched an effort aimed at professionals, such as accountants or stockbrokers, who want to become RIAs. The firm is now offering these novices discounts on regulatory consulting services as well as rebates on portfolio management software.

Post-merger lineups set

First Chicago NBD Corp. investment chief J. Stephen Baine will head brokerage and trust operations at the new Banc One Corp. after the two banks merge later this year. Reporting to him will be current Banc One broker-dealer chief Mike Reed, who will be president of the combined brokerage.

First Chicago brokerage chief Rick Hawes will remain, overseeing private-client asset management and reporting to Mr. Reed. These were among a host of staffing changes announced last Friday to employees of the two banks by David J. Kundert, CEO of investment, trust, brokerage and insurance operations for Banc One.

Banc One insurance chief Glen Milesko will continue in that role, with First Chicago counterpart Scott Bates moving over to head institutional investment services. Mark Beeson, who runs Banc One’s One Group of mutual funds, will take over the combined fund operations. Departing will be Marco Hanig, director of First Chicago’s Pegasus family of mutual funds.

Meanwhile, the investment operation at the combined NationsBank-BankAmerica will be dominated by executives at the North Carolina bank. Trust chief David Fisher is to oversee the private bank, Rob Gordon will head up mutual funds, and Henry Rose will run the brokerage, NationsBank said last week.

Sosnoff offers first fund

In its maiden retail voyage, Atalanta/Sosnoff Capital Corp. launched its first mutual fund, a no-load growth fund, last week. The New York-based firm, founded in 1976 by Martin T. Sosnoff, runs about $2.3 billion in large-cap stocks for institutions and high-net-worth investors. The fund invests in only 30 to 50 stocks.

Speed probes, SEC urged

Securities and Exchange Commission member Laura Unger said last week she wants the agency to speed up investigations so that cases are brought on a timely basis. She proposes that the Division of Enforcement’s internal deadlines be shortened and processes streamlined, expediting cases involving current industry trends, such as Internet fraud. She also calls for more creative remedies and flexible sanctions to fix compliance problems in the securities industry.

Social Security set-asides eyed

Legislation to allocate 2 percentage points of the 12.4% Social Security payroll tax into private accounts was introduced last week by a bipartisan group of senators and representatives. The personal accounts would be modeled after the federal government’s Thrift Savings Plan, which has a limited menu of investment accounts. The plan would be operated by the Social Security Administration to keep costs low, and investment firms would bid to run the money.

TIAA-CREF revs up retail push

New York-based TIAA-CREF, the $213 billion pension system for college and university employees, has launched a trust company that offers financial planning, asset management and administration of trusts and probate estates to its core constituents and the general public.

TIAA-CREF made its foray into the retail market earlier this year when it began offering its no-load fund family to the masses. TIAA-CREF says it created the trust company — whose CEO, Joseph J. Gazzoli, is a former executive vice president of St. Louis-based Boatmen’s Trust Company — in response to requests from participants.

SunAmerica’s sights fixed

Seeking to boost its fixed-annuity business in a lackluster sales environment, SunAmerica Inc. –through its Anchor National Life Insurance Co. subsidiary — has acquired the $5 billion individual-life and individual- and group-annuity business of beleaguered MBL Life Assurance Corp. The Los Angeles firm has been buying blocks of fixed annuities — totaling more than $10 billion — at rock-bottom prices. This is its fifth such deal in 30 months.

Etc.: Chicago mart CFO quits

James “Monte” Henige, 31, has resigned as chief financial officer of the Chicago Stock Exchange to help launch a technology-based venture. Deloitte & Touche, his former firm, will provide an interim replacement… The McGladrey Network, composed of 80 independent accounting/consulting firms, has formed an alliance with Dallas-based 1st Global Inc. CPAs allied with the unit of New York tax accountants McGladrey & Pullen can gain access to mutual funds, discount brokerage and insurance products.