At The Bell

Fund sales boss quits

The top sales executive of Pioneer Group Inc. has resigned only a few weeks after being named to the Boston company’s four-member executive committee. National sales manager Stephen Long, who had been with Pioneer since 1992, has joined Delaware Investments in Philadelphia to oversee sales through brokerages. He is the latest of several high-level executives to exit this year from Pioneer, which hasn’t made money in six quarters. Pioneer says it’s looking for a replacement, according to president David Tripple.

Adviser trust plan stalled

An effort by a group of independent advisers to launch a federally chartered thrift with trust services is on hold while the Overland Park, Kan., group seeks additional investors. It withdrew its application in September and returned $3.2 million raised from 48 advisers. David Roberts, president of National Advisers Holdings Inc. expects to re-apply for a federal charter next month, and raise $4.1 million from 100 advisers in January.

Another online fund

DLJdirect, the online unit of New York brokerage Donaldson Lufkin & Jenrette, introduced two no-load stock funds, one for growth investors and another that invests in technology companies. Hugh Neuberger, DLJdirect’s director of quantitative analysis, will manage both. This comes on the heels of E*trade Group Inc.’s introduction of its online index funds in June.

Wheat First adding 2 sites

Wheat First Union is planning to open brokerage offices in Providence, R.I., and Buffalo, N.Y., by February, says David Tilkin, New England regional director. Part of the firm’s strategy is to expand in the Northeast. Each office will have 15 brokers.

Tucker Anthony heads west

Tucker Anthony Cleary Gull, a Minneapolis-based investment bank, is moving its chief executive to Denver to oversee expansion into the West. David Prokupek says he plans to double the size of the Denver office over the next year to 80 investment bankers, stock analysts and traders. Mr. Prokupek says the company will also look to purchase an asset managment company. Cleary Gull merged with Tucker Anthony earlier this year.

Take a bite out of taxes

Life insurers will push for tax breaks next year for holders of annuities, long-term care insurance and other products that are gaining popularity. For instance, industry leaders at the annual meeting of the Washington-based American Council of Life Insurance said, they will lobby to have benefits paid out over an annuitant’s lifetime be taxed at capital gains rates instead of at higher earned-income rates.

More potential tax cuts

Congress is preparing to allow middle-income taxpayers to take tax credits, such as the child tax credit, without fear of losing them under the alternative minimum tax. In addition, the legislation would extend existing tax law through 2001. Passed by the House and on the Senate docket for late last week, it also would extend through 2001 a law that allows foreign branches of financial companies to avoid paying taxes on interest income not distributed to shareholders.

Dashing through the stores

It may be the thought that counts when it comes to holiday gift giving, but wallet-conscious shoppers should know that the 1999 Christmas Price Index tracked by PNC Advisors of Pittsburgh has risen 5.1% over last year. The jump in the tongue-in-cheek index, which tracks the cost of the 12 gifts in “The Twelve Days of Christmas,” was driven by increased labor costs for the 10 leaping lords, the 11 pipers and 12 drummers. The price tag: $14,940.17.

ETC.: All brokers Y2K ready

All 23 of the unnamed brokers who notified the Securities and Exchange Commission last August about their Y2K unpreparedness are now ready, the agency reports…Kevin English, who resigned earlier this month as chairman and chief executive of TheStreet.com after just a year with the online financial news service, filed to sell about $8.4 million of stock in the company.