Portfolio

Despite poor returns on bank stocks over the past two years, at least a couple of money managers are creating new products tied to the banking industry, signaling that the worst may be over for bank funds.

Putnam Investments has filed with the SEC to create a tax-managed mutual fund.

Prudential Investments Advisory Group of Newark, N.J., introduced last week a business development program to help different types of financial advisors expand their businesses. Called Advisor 2000, the program is designed to help registered investment advisors, financial planners, independent stockbrokers and bankers build their practices and become more profitable. Advisor 2000 attempts to do this by helping advisors strengthen client relationships, develop strategic partnerships with financial institutions, prospect for wealthier clients and foster their own careers.

State Street Research of Boston has begun an investment education program for Spanish- and Chinese-speaking Americans. The effort includes distributing bilingual mutual fund prospectuses and Spanish- and Chinese-language educational brochures and providing bilingual customer service support. Beginning in June, State Street Research will run websites in Chinese and Spanish.

E*Trade of Palo Alto, Calif. plans to offer the E*Trade Technology Index Fund. The fund will track the Goldman Sachs Technology Index, which currently consists of 169 technology stocks. E*Trade filed a registration statement for the new fund with the SEC on May 24.

E*Trade Group of Palo Alto, Calif., filed a registration statement last week with the SEC to introduce two new index funds - the E*Trade Extended Market Index and the E*Trade Aggregate Bond Index. E*Trade introduced its first index fund, the E*Trade S&P 500 Index Fund, earlier this year.

The number of mutual funds operated by religious groups has risen dramatically in the past five years, and more are expected to be introduced to meet the demand of consumers who seek to align their investing with their beliefs.

New York Life Benefit Services does not care how old its customers are.

Bankers Trust Company of New York will introduce the BT Pyramid International Developed Markets Fund in June for its retirement plan customers. The fund will invest in developed markets outside of the U.S.

Newport Fund Management of San Francisco has introduced the Newport Asia Pacific Fund which will invest in companies throughout Asia. The fund will be co-managed by David Smith and Christopher Legallet. Smith will concentrate on Japan while Legallet will focus on all other countries in the Pacific Rim.