Money Management Executive Latest News

The investment management industry is constantly developing new products and chasing new ideas to attract assets, and separately managed accounts have been no different. First came SMAs, and then, multi-style accounts followed by unified managed accounts.

American Century Investments is aiming lower: lower age investors, lower minimum investments and lower-cost financial goals.

American Century Investments has acquired a former H&R Block building near its headquarters in the twin towers on Main Street in Kansas City, the Kansas City Star reports. Terms of the deal, set to close on Nov. 30, were not disclosed.

Eaton Vance announced Tuesday that its earnings in the second quarter rose 2% to $38.5 million, or 29 cents per diluted share, in the fiscal fourth quarter ended Oct. 31, and that they would have been higher, were it not for long-term debt and a 17% increase in employee compensation, Reuters reports.

Bank of America will acquire U.S. Trust from Charles Schwab for $3.3 billion and hopes to ease integration by retaining key staff who work with clients and through technology, The Wall Street Journal reports.

Orange County Sherrif Kevin Beary is filing a class-action lawsuit against Nationwide Insurance claiming the company took up to hundreds of millions in mutual fund fees paid to state employees’ and teachers’ retirement plans, from the early 1996 to the present, WKMG-TV reports.

Pennsylvania has selected Vanguard and Upromise to replace Delaware Investments as manager and recordkeeper, respectively, of its 529 college savings plan.

With more exchange-traded funds being offered and their assets swelling to $350.3 billion, companies have begun to launch ancillary products and services, such as newsletters and ETF funds-of-funds, including target-date ETFs, The Wall Street Journal reports.

Three companies will be making their final bids for Putnam Investments before the Thanksgiving holiday, according to people familiar with the deal, The Wall Street Journal reports. They are Amvescap, Unicredito Italiano and Power Corp. However, a decision on which offer to accept, if any, by parent company March & McLennan isn’t expected for several weeks.

Computer, Internet and telecommunications stocks are up this year, and value mutual funds, which typically don’t invest in those sectors, are benefiting since many of them have been snatching up these stocks over the past two years, Bloomberg reports.