Money Management Executive Latest News

The Salomon Brothers Global High Income Fund began trading on the New York Stock Exchange Tuesday. The closed-end fund, managed by Salomon Brothers Asset Management (SBAM), has a primary objective of providing high current income and a secondary objective of total return.

The first China fund for foreigners, Martin Currie Inc.’s China "A" Share Fund, will not launch as planned on July 23, Reuters reports. U.S. regulators took issue with an interview that the fund manager gave to Barron’s during the quiet period, a source told Reuters. Regulators perceived the interview as a solicitation for funds in an unregistered vehicle, the source said.

Neuberger Berman reported second-quarter earnings of $24.5 million, or 35 cents a share, down nearly 25% from earnings of $32.5 million, or 46 cents a share, a year earlier.

The National Association of Securities Dealers has filed a complaint against John Steven Blount, a registered representative who used to sell variable annuities and mutual funds for NY Life Securities.

DST Systems has consolidated breakpoint information in its DST Vision customer account platform for financial intermediaries. Offering information from 250 fund families representing 70% of third-party distributed funds, Vision now combines its breakpoint information on all of these funds in one center.

Janus reported second-quarter earnings of $47.5 million, or 21 cents a diluted share, Wednesday, a 36% decline from $73.7 million, or 33 cents a diluted share in the second quarter of 2002, Reuters reports.

Automated Data Processing has expanded its section 529 college-savings payroll deduction platform to include two more 529 managers, Banc of America Capital Management and PIMCO Advisor. ADP launched its 529 Payroll Deduction Program last August with Alliance Capital Management’s CollegeboundFund, sponsored by Rhode Island.

Fifty-five percent of affluent Americans think the economy will improve in the next three months, according to McDonald Financial’s Affluent Consumer Confidence Index. Although the confidence score was 44 out of 100, reflecting an overall negative outlook on the economy, the score has increased 10% since the last survey in April, when the score was 40.

Separately managed account assets jumped significantly in the second quarter, rising 15% and charging ahead towards the industry’s prediction of $1 trillion in assets by 2006.

T. Rowe Price Group said its second-quarter net income rose 3.7%, though revenue from investment advisory fees fell slightly.