Money Management Executive Latest News

Fidelity Investments’ once top-of-the-heap Magellan Funds, closed to new investors since 1997, has now been outpaced by three equity funds run by one of its top rivals, American Funds, as the biggest funds in the nation, Reuters reports.

The nation’s No. 2 bank, Bank of America Corp., said Wednesday its profits rose 11%, thanks to more consumer lending, more credit card sales and more fees.

State Street Global Advisors will ask Fresco ETF shareholders to replace STOXX with UBS managers

It’s not too late to enter Thomson Media’s 2004 Fund Operations Awards, presented by Money Management Executive.

The SEC voted unanimously Tuesday to adopt measures to improve the transparency of mutual funds and variable annuities. Beginning Dec. 5, all funds must now disclose what risks, if any market timing, poses for their funds, as well as reveal in their fund prospectus whether their board has adopted rules against market timing. Should a board have decided such rules are not necessary, it must reveal its reasons why.

The sale of Strong Financial is not complete yet, but Wells Fargo has emerged as the frontrunner, expected to pay less than $500 million, Reuters reports

Mellon Financial Corp. is maintaining a veil of secrecy around the terms a deal to acquire Safeco Trust Company from Seattle-based Safeco Corp.

Mellon Financial Corporation said Monday that it has agreed to purchase Safeco Trust Company from Safeco Corp., and that the move would be completed within the next 30 days.

Armada Funds last Thursday launched a new Small Cap Core Fund aimed toward aggressive investors, one that will implement an investment strategy combining both value and growth strategies.

The National Association of Securities Dealers said Monday it has censured and fined brokerage firm David Lerner Associates.$100,000 for holding sales contests to promote its proprietary mutual funds and selected variable annuity and variable life insurance products.