Money Management Executive Latest News

Competition on the 529 playground is about to get fierce.

Robust growth in the separately managed account industry is expected to continue in the next few years, driven by new entrants and modified products.

Glencrest Investment Advisors, an affiliate of PFF Bancorp in Pomona, Calif., has found a fast-growing niche: providing active asset management to small and midsize 401(k) plans. The small Claremont, Calif., firm more than doubled its 401(k) assets under management last year, to about $192 million, and Shawn Ecklund, its managing director, said he expects to maintain that pace.

E-Trade Financial reported Wednesday that daily average revenue trades in July were up 0.5%, to 138,367, from June and that retail client assets fell 2.2% in the month, to $176.7 billion.

Assets under management in Chile's mutual fund industry are set to reach the US$16 billion-mark by year-end on the back of strong returns from international instruments, according to the mutual fund association AAFM, Business News Americas reports.

KD Investments, the Slovak-based asset management unit of Slovenian financial company KD Group, has launched an equity mutual fund that will invest in companies in the former Soviet Union, reports See News.

Morningstar is planning to launch a monthly newsletter on exchange-traded funds next month. Called Morningstar ETFInvestor, it will provide research and recommendations on the funds.

Depository Trust & Clearing Corp. has launched a new service that helps fund companies meet the Oct. 16 deadline for Rule 22c-2, whereby they must track shareholder data in omnibus accounts to monitor for frequent trading.

Nine Morningstar insiders, two directors and seven executives, are planning to sell their company stock, the company revealed in its quarterly filing with the Securities and Exchange Commission. Joe Mansueto, chairman and CEO of the company, will sell up to 700,000 shares.

Pennsylvania is dropping the surcharge it has imposed on investors' contributions to its 529 prepaid college savings plan, which it expects will save investors between 1.8% and 12.6% on their contributions, The Wall Street Journal reports.