Money Management Executive Latest News

ABN Amro has launched the first socially responsible investing fund in India, the Amro Sustainable Development Fund, which will invest 65% of its assets in companies that disclose their policies on environmental, social and corporate governance, the Asia Times reports.

The Fidelity International European Fund took top place this quarter as it posted the highest returns of Europe’s 10 biggest stock mutual funds, according to Bloomberg.

In poll after poll, Americans claim that they use their tax refunds to pay major bills or to augment their savings. But that belies what they really do, USA Today reports.

The Securities and Exchange Commission is considering forcing mutual funds to disclose fees and performance as simple numbers, SEC Chairman Christopher Cox told the Los Angeles Times in an interview. Funds should report “one simple number that captures fees and expenses,” he said, noting that the information is typically buried in fund prospectuses.

Recent chatter about making hedge funds with a physical presence in the United States register with U.S. regulators is making waves in the Cayman Islands, according to the online Financial Times.

European mutual fund executives told the Committee of European Securities Regulators last week that indexes linked to hedge funds’ performance are becoming more commonplace in the investment management industry and that they should be allowed to invest in derivatives linked to such indexes. Last month, the committee indicated it was considering passing such a measure. So reports the International Herald Tribune.

In March 2000, there were 275 funds delivering returns of 100% of more in the previous year. Twenty four of them delivered returns of 200% or more and the PBHG New Opportunities Fund rose a staggering 533%.

To meet the growing demand among Asian investors for local investments—and in spite of the market’s downturn in February—Japanese asset managers are bolstering their offices in Asia, Nikkei Weekly reports.

Although the Securities and Exchange Commission revealed the findings of two studies it commissioned into the cost and benefit of the proposed independent chairman rule late last year, the U.S. Chamber of Commerce sought access to the complete report, including any records supporting the decision to undertake the studies in the first place. But the SEC has decided not to share the information with the U.S. Chamber, The Wall Street Journal reports. The Chamber is appealing the decision.

MassMutual announced Monday that it has merged its annuity and income management divisions to better serve the growing retirement income market.