Money Management Executive Latest News

Lockwood Advisors, a subsidiary of Bank of New York, announced Tuesday that it is offering three registered, no-load hedge funds from Ivy Asset Management, itself a subsidiary of the Bank of New York and Oppenheimer/Tremont. This is part of the firm’s plan to expand beyond separately managed accounts to appeal to a wider reach of financial advisers (see MME 6/20/03).

Navellier Management, which manages separately managed accounts and mutual funds, is merging two of its funds into a Touchstone Investments fund but will remain as subadvisor to the combined fund.

Fidelity announced Monday it has eliminated the 3% sales load on five of its biggest diversified equity funds, including the Fidelity Magellan Fund. The four other funds that now have no sales load are the Fidelity Contrafund, the Fidelity Contrafund II, the Fidelity Low-Priced Stock and the Fidelity New Millennium funds.

John Hancock Life Insurance Co. is selling its group life insurance business to Metropolitan Life Insurance Co.

With the recent market rebound, investment-banking executives believe asset managers will be exploring new acquisitions, Reuters reports. However, these new transactions aren’t likely to be complete buyouts or large takeovers but acquisitions of specific business areas, also known as lift-outs.

Ever since the market recuperated March 11, the average technology stock fund has risen 36% and the Nasdaq Composite Index has gained 32%, The Wall Street Journal reports. Surprisingly, Internet stocks are once again hot.

During the recent recovery of the stock market, growth mutual funds that exchanged their tech holdings for more conservative offerings are not posting the gains they would have hoped for, Dow Jones reports.

Industry Supports Much Of Mutual Fund Disclosure Bill

Financial services giant Citigroup is being sued by an investor who claims that she was duped into putting her money into a pricier share class of mutual funds.

Sister companies AIM Investments of Houston and INVESCO Funds Group of Denver, both investment management units of AMVESCAP, the U.K. holding company, are growing closer every day.