November 6, 2013 |
A lot has changed since Mayfair rowhouse native Robert F. Auwaerter, then a young Wharton School (and Father Judge High) graduate, left a failing Chicago bank 32 years ago to join Vanguard Group's new bond-investment business. As Auwaerter, 58, plans to retire in the spring as head of the Fixed Income Group, his operation ranks among the industry's giants, with $750 billion in fixed-income assets and a staff of 120. Auwaerter has been "the backbone" of Vanguard bonds his whole career, chief executive Bill McNabb said in a statement.
July 1, 2013 |
Nearly 20 years ago, the Vanguard Group started opening campuses in other parts of the country, first in Arizona in 1994 and then in North Carolina three years later. The plan was to keep doing that until employees of the Malvern mutual-fund giant were spread over five or six states, but the company hit a wall when it tried to pick a fourth site. "We couldn't come up with a region that had the kind of education center that Philadelphia has, that would offer us the kind of talent that we have been able to get from Philadelphia, so we really decided to double down," Vanguard's president and chief executive, F. William McNabb, said last week.
January 22, 2013
Moorestown Friends School has appointed three new school committee members: Peter Baily, head of school at Oakwood Friends School in Poughkeepsie, N.Y.; Stefanie Cohen, former president of Congregation M'kor Shalom in Cherry Hill; and Patricia Ann Metzer, a tax lawyer with Vacovec, Mayotte & Singer in Cambridge, Mass. Arthritis Foundation, Eastern Pennsylvania Chapter , named Mary Pat Kessler to its board. She is vice president at Willis Human Capital Practice.
September 11, 2012 |
Coldwell Banker Elite Realtors shut its network of South Jersey offices Monday, idling nearly 100 agents plus their support staff. The Elite agency "discontinued operations" at its Mullica Hill headquarters and residential real estate offices in Burlington, Camden, and Gloucester Counties, confirmed David Siroty , spokesman for Coldwell Banker Real Estate L.L.C in Parsippany, N.J., which licenses the Coldwell Banker name and network to local operators....
September 2, 2012
Investment vs. Speculation By John C. Bogle John Wiley & Sons. 338 pp. $29.95 Reviewed by Joseph N. DiStefano Sixteen years after he stepped down as chief executive of Vanguard Group to fix his ailing heart, John C. Bogle remains the investment company's ardent cheerleader, a plainspoken advocate of the old virtues of thrift and probity, a blunt critic of financial-industry aggrandizement - and the most effective marketer in the...
June 23, 2012 |
IN THE REGION Delta completes refinery buy Delta Air Lines on Friday finalized its purchase of the ConocoPhillips refinery in Trainer and will begin to bring back about 400 employees who were laid off last year when the plant was idled. A Delta spokesman said that its subsidiary, Monroe Energy L.L.C., will start a turnaround at the Delaware County refinery after the July 4 holiday with the aim of resuming fuel production this fall. The airline paid $180 million for the plant, with the Corbett administration chipping in $30 million on the condition that Monroe maintain 400 employees for five years.
May 31, 2012 |
In one of the biggest middle-income developments planned for Philadelphia in recent memory, Korman Residential, of Trevose, is "proposing to build 722 apartment units" near Philadelphia International Airport, boss John Korman tells me. Rents to start at $1,150/month for one bedroom, $1,400/month for two. There's no formal proposal at the city planning office yet. But you could say this project has been in the works since the 1950s, when the...
February 14, 2012 |
Vanguard Group has ended one 24-year effort to outguess the stock and bond markets. Malvern-based Vanguard's Asset Allocation Fund , founded in 1988 after a stock market collapse briefly spooked investors, was designed to let managers shuttle clients' money between S&P 500 stocks, U.S. Treasurys, and money-market funds - whichever the advisers thought was likely to pay best in the near future. On Friday, the fund, managed by Mellon Capital Management Corp. , was folded into Vanguard's Balanced Index Fund , which offers a fixed asset mix of 60 percent stocks/40 percent bonds, designed to rise and fall with the markets.
August 1, 2011 |
As the economy struggles in recovery, more working Americans are making dicey moves to pluck cash from their 401(k) retirement accounts. A record one in five employees sitting on these popular nest eggs had borrowed from accounts at the end of 2009. Recent reports show that number has continued to climb. The money helps families cope with high-cost credit card debt and medical bills, fund educations and improve or buy homes. Borrowing it, however, also can set personal finance traps.
June 23, 2011 |
Fisker Automotive says it is planning to hire 120 engineers, technicians, and production workers, starting this weekend, at the former General Motors plant it is rebuilding west of Wilmington so it can start building electric-hybrid sedans there by the end of 2012. After the hires this summer and fall, "there will be a continuous addition of jobs" until the plant starts producing $48,000 Nina sedans late next year, Fisker said Wednesday. The California company didn't respond to questions about whether it will give preference to laid-off General Motors workers, who packed the plant with their United Auto Workers union leaders when Vice President Biden , who lives nearby, announced a half-billion dollars in government loans to fund Fisker in late 2009.