ProFunds Group, the world's largest manager of short and leveraged funds, announced today that Todd Johnson has been named Chief Investment Officer. Mr. Johnson, formerly with World Asset Management, will oversee all investment operations for ProShares ETFs and ProFunds mutual funds. The firm's acting Chief Investment Officer, George O. Foster, CFA, is assuming new responsibilities, including directing the firm's product development strategy.
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PNC Global Investment Servicing announced today that Nancy B. Wolcott has been named president. Wolcott will report to Stephen M. Wynne, chief executive officer.

Local hotel executives Robert Solmson and Ed Ansbro have partnered with a New York businessman to launch a hotel investment fund. Fairwood Capital LLC will acquire full service hotels and maintain offices in Memphis and New York City. Solmson founded and is the former CEO of Memphis-based RFS Hotel Investors Inc., a hotel real estate investment trust which was acquired CNL Properties in 2003 for $700 million.

The Southeastern BIO Investor Forum is the Southeast region's premier life sciences venture capital conference, connecting emerging life science companies with potential investors in a forum that provides meaningful networking opportunities. Attracting more than 400 attendees, including investors from the Southeast and from around the world, SEBIO showcases 30 emerging life sciences companies from Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia, and beyond each year. continue reading

Perth, Australia’s gateway to Biotechnology in Asia will host the inaugural annual BioNet Asia Pacific Investors Summit. The event will bring together investors, biotechnology executives and support professional from Australia and Asia to showcase their respective businesses and trade valuable business lessons with their counterparts from the region.

The 2008 Life Sciences & Healthcare Venture Summit presented by youngStartup Ventures is the premier bioscience industry gathering, connecting senior executives of early stage biotech, pharmaceutical, healthcare, medical device and diagnostic companies with venture capitalists, angel investors, corporate VCs and professional service firms.

Whether you're seeking funding, partnerships or new investment opportunities, The Life Sciences & Healthcare Venture Summit is one event you won't want to miss.

Medtech Insight and Windhover Information will present their "Investment In Innovation (In3) East" Conference Oct. 22-24 at The Westin Copley Place in Boston, MA. The event will bring together 50+ early- to late-stage medical device companies with the biggest dealmakers in the device business development and healthcare investment communities from the East Coast and around the world, for purposes of funding and/or strategic partnership. continue reading

BIT's Bio-Venture Capital Forum is the echo of successful and fruitful "Summer Davos" 2007, it is committed to a comprehensive, coordinated and sustainable path of biotechnology development. Bio-VC is the place where bio venture and high tech companies in & outside China present their unique technologies to professionals around the world.
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Local financial leaders Tuesday reported seeing no ripple effects from the current Wall Street woes damaging financial institutions here, and a veteran certified financial planner advised anyone with a beleaguered portfolio to get to a financial adviser now and make sure to diversify investments in the future.

Juan Andrade, who had been executive vice president and head of the claims organization, has been named executive vice president of sales and distribution, the company said Wednesday. He'll be responsible for The Hartford's relationships with 10,000 independent agents and brokers who sell the company's personal and business insurance.
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Artist Damien Hirst has set a new record after a two-day sale of his work fetched some 111 million pounds.

"We are very, very happy," a spokesman for auction house Sotheby's told AFP on Tuesday after the end of the auction in London, which initially was aimed at topping 65 million pounds for the artist famous for embalming animals in formaldehyde.

The auction, entitled "Beautiful Inside My Head Forever," broke new ground as the first time an artist has sold a body of work directly, bypassing art galleries who charge commission of up to 50 percent of the sale price.

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The existing management will be replaced, and the company will have a term of two years to meet its obligations, while at the same time selling assets.

We talked about a likely bailout yesterday in our post, as many of the media's market pundits were adamantly in favor of this action. Even Hank Greenberg, former CEO of AIG, was brought on CNBC to make a case for the rescue. The media is very influential, and that's not always for the best. Taxpayers think "bailout" means higher taxes for everyone.

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Financial Advisor Magazine published its "2008 RIA Ranking," in which it named its selection of the top registered investment advisors in the nation. The article appeared in July, 2008.

Financial Advisor Magazine ranked The Colony Group in the top 50 among the 384 leading advisory firms it recognized. This is the second time this year that The Colony Group has been ranked nationally by a major publication in the investment field. Earlier this year, Registered Rep Magazine included The Colony Group in its ranking of the top 100 registered investment advisors in the country. continue reading

Defense contractor Herley Industries Inc. said Tuesday it is exploring a possible sale and has enlisted an outside firm to serve as its financial advisor.

Jefferies Quarterdeck, a division of Jefferies & Company Inc., will assist Herley in its deliberations of "strategic alternatives," the company said in a statement.

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Credit Solutions has been named to Inc. Magazine's 2008 list of the 5000 fastest-growing privately held, for-profit companies in the nation, ranking #8 among the Top 100 Businesses in Dallas/Ft. Worth/Arlington, TX and #13 in the Top 100 Financial Services Companies in the nation.

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