Money Management Executive Latest News

Charles Schwab’s Mutual Fund OneSource fund supermarket volume of 55,700 transactions in May increased 1% from May 2002, but declined 3% from April 2003. Total trades of 199,600 during the month were up 11% from a year ago and up 13% from April 2003.

Sands Brothers Asset Management has selected ADP/OMR, a subsidiary of Automatic Data Processing’s brokerage services group, to provide administrative services for its hedge fund of funds. ADP/OMR will provide Sands Brothers with a full range of administrative services including performance reporting, risk measurement with transparency by sector or strategy and fund accounting.

Some Fidelity fund managers are taking a bigger gamble on technology and other aggressive holdings, Dow Jones reports.

The House Committee on Financial Services released a General Accounting Office report Monday calling for far greater fund transparency.

The world fund industry’s profits may be halved over the next few years, according to a survey of asset management firms by the Boston Consulting Group, Reuters reports.

American Express Financial Corp. is buying Threadneedle Asset Management Holdings from Zurich Financial Services Group for $570 million in cash. The acquisition of the U.K. firm will give American Express an entrée to the privatization of Europe’s pension industry, and also allow the firm to cross-sell its travel and credit card services. The deal is expected to close at the end of the year.

Eaton Vance Spends $28M For Parametric Portfolio

DUBLIN - The retailization of hedge funds seems to be gaining momentum overseas, and international regulators are taking a cautious approach to the growing demand. But investment professionals in the U.S. are expressing little concern for, and no interest in, providing this product to the average investors.

NEW YORK - "Separately managed accounts are about a process, not a product," reminded Jack Sharry, president of the private client group of Phoenix Investment Partners of Hartford, Conn., speaking at a media conference held here earlier this month. The event, which detailed how the separately managed accounts consulting process works, was sponsored by the Money Management Institute, the national organization of the managed account industry, headquartered in Washington.

The closed-end fund world has been under siege by a rash of exchange-traded funds in recent years, triggering a dramatic shift in the focus of equity-fund initial public offerings (IPOs).