Money fund veteran and stickler for safety Steve Traum is no longer with TIAA-CREF.
The Reserve appointed John Drahzal Managing Director, Global Head of Sales. Drahzal, who previously worked at Victory Funds, Promontory Interfinancial Network, and Prudential's JennisonDryden, reports to Bruce Bent II, Vice-Chairman and President of The Reserve.
Evergreen Investments announced that Mathew Kiselak "will assume responsibility as head of Evergreen's municipal bond group." James Randazzo and Ladson Hart will now co-manage Evergreen Municipal Money Market Fund, Evergreen Institutional Municipal Money Market Fund, Evergreen New Jersey Muni MMF, Evergreen New York Muni MMF, Evergreen California Muni MMF, and Evergreen Pennsylvania Muni MMF. See the press release "Evergreen Investments Announces Portfolio Management Appointments in Municipal Bond Group."
Henry "Harry" Brown, who co-invented the money market mutual fund with Bruce Bent at The Reserve in 1971, has died at 82, reports The Washington Post. The Post quotes former ICI president Matthew Fink from his pending book "The Rise of Mutual Funds: An Insider's View," "Money market funds were clearly the most important product innovation in the history of the mutual fund industry."