Money Management Executive Latest News

Initiatives at IXIS Asset Management Advisors of Boston will not be slowing down this summer. The firm, a manager of managers with 15 affiliates in its stable, will be cutting several of its mutual funds' management fees, putting its B Share classes into permanent storage and polishing up a new brand name. But it will keep its tag line: The Name Behind the Names.

More North American investors would prevail if they diversified their retirement portfolios, according to The Globe and Mail.

The Hartford Financial Services Group promoted Daniel Andriola to chief financial officer of the institutional solutions group within its U.S. Wealth Management division.Previously, he was CFO of The Hartford’s Life’s private placement business.

SBI Asset Management, in partnership with the State Bank of India’s SBI Funds Management subsidiary, has launched the SBI India & Vietnam Stock Fund.The two parties reached an earlier agreement last August to establish a $100 million venture capital fund to invest in private companies in India. The mutual fund just announced is their second joint venture.

ABN AMRO is planning to launch the Chindia Fund, a stock mutual fund that will invest at 35% of its assets in China and 30% in India, with the rest going to stocks, debt and money market securities in other international countries, Reuters reports.Through June 13, the Shanghai stock index is up 56% year to date, and India’s BSE index is up 1.57%.

Rydex Investments, which has now informed employees that it is on the block, is expected to announce a sale any day now, for a price of as much as $1 billion, MarketWatch reports. Some analysts believe the price could be that high because of the high premium the market is putting on exchange-traded funds, for which Rydex is well known. However, other analysts believe the final price will be in the $800 million range.E*Trade and Invesco are said to be two of the most high-profile bidders.

Three executives of a hedge fund in Colorado have settled a civil suit for $30.6 million, the Colorado Springs Gazette reports.

PowerShares’ five new global exchange-traded funds began trading on the American Stock Exchange on Wednesday.

Mutual Funds Against Cancer held its 13th annual “Expect Miracles” Golf Classic on June 7 at Pinehills Golf Club in Plymouth, Mass., followed by dinner and an awards ceremony at Waverly Oaks Golf Club. Presented by title sponsor JPMorgan Fund Services, the event attracted 380 financial executives and raised $350,000 for cancer research, which will go to the Center for Applied Cancer Sciences at the Dana-Farber Cancer Institute.

Two asset management firms are giving it another try with the Securities and Exchange Commission to introduce actively managed exchange-traded funds, but the funds’ difference from existing enhanced index, or semi-active ETFs is only subtle, The Wall Street Journal reports. And that is exactly how they hope to win SEC approval.