Money Management Executive Latest News

American Century Adds Two Independent Chairmen

The use of customer relationship management (CRM) technology and systems in the fund industry continues to evolve. CRM applications have gone from virtual obscurity within the investment management industry to become standard among sales and marketing departments over the past several years.

Banking giant Wells Fargo is ready to play with the big boys in the mutual fund business.

Recruiting experts are predicting a relatively flat job market for the fund industry in 2005, although the trading scandal continues to reshape the boardrooms and executive suites of fund management firms, big and small.

T. Rowe Price has added adviser share classes on four of its funds, thereby expanding its total adviser class lineup to 24. One of the funds, the T. Rowe Capital Opportunity fund, has also been given an R share class, making it eligible for sale in fee-based retirement plans. The company's complete lineup of R class funds is now 13.

Small-cap funds led the charge of all types of equity funds in the fourth quarter, posting 14.2% gains, Investor's Business Daily reports. Diversified equity funds averaged 10.67% during the quarter to end a largely uncertain year on a high note.

The Vanguard Group's exchange-traded fund lineup more than doubled in terms of assets under management last year as the mutual fund titan rolled out 18 new ETFs, CBS MarketWatch reports.

Baltimore has a new iron man to challenge the former Oriole infielder's record streak of 2,632 consecutive game appearances. Bill Miller, portfolio manager on the Baltimore-based Legg Mason Value Trust fund, leveraged a late-December surge to beat the Standard & Poor's 500-stock index for the 14th consecutive year. The next-longest streak in the industry is half as long.

An aggrieved investor has filed an arbitration claim accusing Morgan Stanley was accused of accepting kickbacks from insurers seeking to promote a select group of variable annuities and investments, The Wall Street Journal reports.

To crack down on confidentiality loopholes, the Securities and Exchange Commission has ordered hedge fund group D.E. Shaw & Co. to reveal its holdings, valued at $21 billion.