MANAGEMENT BRIEFS

ITS Associates, Inc. a software developer based in Wellesley, Mass., has hired Jonathan Golub as vice president and director of business development. Previously with Financial Models Co. in New York, Golub will serve as head of marketing for ITS's PMIS multi-currency portfolio accounting software. His responsibilities will also include implementation planning, product strategy and client policies.

Thomson Financial Services Inc.'s CDA Investment Technology Inc. subsidiary has begun development on a UNIX-based version of its CDA Cadence performance measurement product. CDA plans to use relational database management technology from Oracle Corp. to upgrade both its bureau-service and client-site software. Also planned in the development is the addition of multicurrency capability.

An annual study done by CDA Investment Technologies Inc., has shown that over a ten-year period ending Dec. 31, 1992, commercial bank trust departments demonstrated a slightly higher return on equities than mutual funds, insurance companies and investment advisors. For 1992, the study shows commercial banks achieved an 8.7 percent annualized rate of return on equities. Standard & Poor's 500 was at 7.6 percent, mutual funds were at 8.5 percent, while investment managers took the lead at 9.3 percent. The study was released by the American Bankers Association.

Owing to internal promotions and new development plans, the Vanguard Group Inc. is seeking to add to its information technology staff. The firm, located in Valley Forge, Penn., has several openings in its information systems division, including slots for project managers and systems engineers. Technical operations openings include LAN/network specialists and database administrators, as well as a software systems programmer.

AIG Trading Corp., a trading arm of insurer American International Group, has opted to use NeXT Computer Inc. workstations as the desktop processor for a new 85-position trading room in Connecticut. The firm is moving from its current offices in New Jersey. AIG's decision came just days before NeXT announced it was pulling out of the hardware business to concentrate on its NeXTstep operating software.

Shearson Lehman Brothers' Consulting Group has added U.S. Trust Company of California N.A. and Madison Investment Advisors Inc. to its independent money management program. The Shearson Consulting Group is designed to give high net worth clients access to independent money managers with large minimum requirements. The addition of U.S. Trust Company and Madison Investment Advisors fixed-income portfolios to the program is intended to broaden fixed-income options for Shearson clients, according to Len Reinhart, president of the group.