AT THE BELL

Wall St. ceiling still glass, alas

Women in financial services are no better off than they were five years ago in terms of pay equity, career advancement and other workplace issues, according to a survey released last week by the New York-based Financial Women’s Association. In fact, some are worse off, says the study, which polled more than 1,000 senior executives at brokerage, investment, banking and consulting firms.

Almost two-thirds say the glass ceiling is “as firmly in place as it was three to five years ago.” Just over half say that the level of pay equality between men and women has not changed and 12% say fewer women are getting equal pay.

“I’ve never had a woman come to me and say `I’m being held back because I’m a woman,’ ” says Christine N. Fulton, an associate at financial services recruiter Highland Search Group LLC in New York.

Still, she adds, women tend to seek lower-paying jobs than men — such as portfolio management rather than investment banking — because “they want to have balance in their lives.” What’s more, she says financial services is male-dominated in part because women are less inclined to seek jobs in the field. She says 90% of Highland’s job candidates are men.

Schwab ads cheer for advisers

Charles Schwab Corp., the brokerage for do-it-yourselfers, plans to launch TV and print ads today featuring customers of financial advisers who do business with it. The move is designed to underscore Schwab’s support for its 5,400 adviser clients, many of whom view it as an occasional competitor, despite using its services. Indeed, this week’s ads come on the heels of a commercial launched last week featuring a customer of Schwab in-house adviser services.

Bogle Jr., boss, agree to disagree

John C. Bogle Jr.’s abrupt resignation last week from Numeric Investors LP in Cambridge, Mass., apparently came after he locked horns with Langdon B. Wheeler, Numeric’s founder. Industry sources say Mr. Bogle, 39, and Mr. Wheeler, 51, disagreed over the pace at which Numeric trades stocks. Lynn Wickwire, a spokesman for Numeric, says, “There were a number of strong personalities involved. I’m just going to leave it at that.” Mr. Bogle, the son of the Vanguard Group founder and senior chairman, could not be reached for comment. Numeric manages $5.5 billion, mostly in institutional money.

30% hike in Safeco fees

The two largest Safeco funds, the $1.5 billion Growth and $2 billion Equity funds, are hiking fees nearly 30% — to 0.895% and 0.890%, respectively. Pending shareholder approval, Seattle-based Safeco Asset Management, which manages $7 billion, intends to charge shareholders for operational expenses like compliance and registration, which it currently covers itself. The increase would be the first since 1986, a spokeswoman says, citing an 18% profit margin last year vs. an industry average of 36%. Fees on some funds will be cut, though, most notably International and Northwest funds.

Strong loses Y2K chief

Kenneth Landis, chief information officer and head of year 2000 computer preparation efforts at Strong Capital Management Inc., has resigned. A spokeswoman for the Menomonee Falls, Wis., money manager says an outside search for a replacement is under way, and that the departure won’t affect its Y2K program. Mr. Landis, who joined Strong in December 1996, couldn’t be reached for comment.

Soft-dollar settlement

For the first time, the Securities and Exchange Commission charged a brokerage for aiding and abetting an investment adviser charged with violating soft-dollar regulations. Republic New York Securities Corp., a New York broker-dealer wholly owned by Republic New York Corp., and its president, James Sweeney, agreed to pay penalties of $50,000 and $25,000, respectively, without admitting or denying the charges. “We’ve been completely out of the soft-dollar business since 1997, and these violations occurred in 1994-1995,” a Republic spokesman says.

The case involves the suspected misuse of $84,000 in soft dollar rebates by Sweeney Capital Management Inc. of San Francisco. The company, whose owner, Tim Sweeney, is not related to James Sweeney, is scheduled for trial in April.

Janus, Berger spinoff on again

Kansas City Southern Industries Inc. has filed again with the Internal Revenue Service to split its financial services units, including the Denver-based Janus and Berger funds, from its railroad operation in a tax-free stock exchange. It expects to complete the split late this year. The spinoff was supposed to take place last year, but was delayed because the IRS didn’t like the railroad’s “aggressive approach,” a company spokesman acknowledges. The filing is more “conservative,” he says. He declined to provide more detail.

Russell, Singapore bank align

Seattle-based Frank Russell Co. is joining with one of Singapore’s largest banks to sell its manager-of-managers funds to individual investors there. The Development Bank of Singapore Ltd. and Russell will jointly develop a program that incorporates eight Russell funds, with an estimated minimum investment of $30,000, by the middle of the year.