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Industry Moves

Bill Kipp, president and chief operating officer of Charles Schwab Investment Management and executive vice president of the retail index SchwabFunds, will be retiring from the company within the year. Kipp was responsible for creating SchwabFunds in 1991, beginning with the conversion of three money funds worth $3 billion. Today, SchwabFunds includes 48 equity, bond and money funds with assets of more than $88 billion. Kipp joined Schwab in 1990. The company has not yet named a replacement for him.

Peter Borghi has joined State Street Research & Management of Boston as director of investment advisor services. In this position, Borghi will be responsible for the sale of the firm's mutual funds to registered investment advisors. Borghi was previously a sales executive at Massachusetts Financial Services.

Waddell & Reed of Overland Park, Kan., has switched portfolio managers for two of its funds. Zachery Shafran will now manage the United New Concepts Fund. Mark Seferovich and Grant Sarris, who had managed that fund, will now take over the Waddell & Reed Growth Fund, which Shafran had managed.

Amit Wadhwaney has rejoined MJ Whitman and Third Avenue Funds of New York as a senior analyst and manager of the MJ Whitman Global Value Fund. Wadhwaney had been with the company from 1990 to 1994 as director of research. He then became manager of the Carl Marks Global Value Fund.

Brian Storms has left his position as president of Prudential Investments to become president and chief operating officer of Mitchell Hutchins Asset Management, a wholly-owned subsidiary of Paine Webber. Storms will oversee retail and institutional sales, marketing and operations.