Money Management Executive Latest News

A new mutual fund from Blue Investment Management, the Blue Fund, caters to Democratic sensibilities by seeking out companies that make political donations to Democratic candidates or political action committees and embrace progressive values.

Two Top Execs Announce Departures From Hewitt

Generation X is a debt-ridden demographic group whose lack of disposable income makes its members poor prospects for investment product sales, according to a survey released this week by OppenheimerFunds.

Federated Investors and Sentinel Asset Management have reached an agreement whereby Federated will acquire three of Sentinel's mutual funds, with $93 million in assets. Financial terms of the deal were not released.

First Trust Advisors today launched an Internet exchange-traded fund on the American Stock Exchange. It tracks the Dow Jones Internet Composite Index.

State Street Global Advisors launched six industry-specific exchange-traded funds Thursday, bringing its total number of SPDR ETFs to 65. Like its other offerings, the new funds trade on the American Stock Exchange.

The Securities and Exchange Commission has put three new rules and one amendment in place regarding funds-of-funds. The new rules codify exemptions that the SEC has granted over the years for such funds, while the amendment is a new requirement.

While it's sometimes surprising for an investor to check on the performance of their mutual funds, it's even more of a shock when they check on their funds' proxy voting records.

The number of millionaires in the world rose 6.5% in 2005 to a total of 8.7 million people with combined total assets of $33.6 trillion, a survey by Merrill Lynch and Capgemini found. Their net worth is double from 10 years ago, when the two companies began the annual survey of people with financial assets of $1 million or more.

Fidelity Investments will move 1,200 jobs to Florida, planning to open a customer-service center in Jacksonville by 2010 that will be manned by phone representatives, traders, salespeople and financial planners, The Boston Globe reports. It will be located alongside its current retail brokerage operations there and require an investment of $27.25 million to refurbish the site.