Portfolio

Summit Mutual Funds of Cincinnati, Ohio, will start a "socially-responsible" index fund on June 26 that places a greater weight than its index on companies that engage in ethical business practices. But, the fund does not exclude any companies, according to an SEC filing.

The private asset management division of The Dreyfus Corp. of New York, is planning to offer 13 new funds to high-net-worth clients.

State Street Global Advisors of Boston has filed with the SEC to offer eight exchange-traded funds, five of them based on the Dow Jones Industrial Average. One is based on the Wilshire REIT Index and two on Morgan Stanley technology indexes - the Morgan Stanley High Tech 35 and the Morgan Stanley Internet Index.

Aquila Management Corp. of New York, adviser to the Aquila Group of Funds, has created two new equity funds with economist Arthur B. Laffer.

NEW YORK - Even though exchange-traded funds are among the largest 10 index funds in each major asset class and make up 10 percent of all index funds, fund companies are wary of offering the product, according to one industry executive.

Putnam Investments of Boston is considering creating a new type of cloned fund sensitive to capital gains taxes, said Gordon Forrester, managing director at Putnam.

Janus of Denver, Colo. is creating a new line of funds to expand its sales through plan sponsors, broker/dealer wrap programs and bank trust departments.

OppenheimerFunds of New York is planning to offer a new technology fund.

The Managers International Equity Fund has hired a third manager to sub-advise a portion of the $675 million fund.

Within the next year, the mutual fund industry can expect to see a new share class attached to some equity funds that allows them to be traded throughout the day and includes features common to exchange-traded funds, according to executives in the mutual fund industry.