Money Management Executive Latest News

Investors placing bets on a second-half recovery in the U.S. economy could prove to be overzealous, as key measures of growth are not aligned with soaring stock prices.

JPMorgan, the asset management unit of J.P. Morgan Chase & Co., has taken sole ownership of its joint venture retirement plan with American Century Investments.

The F&C Claymore Preferred Securities Income Fund has selected PFPC for its fund accounting and administration services. Flaherty & Crumine, founded in 1983, specializes in the management of preferred securities and manages approximately $2.5 billion in preferred and related securities.

CollegeChoice 529 Investment Plan, an affiliate of Bank One Corp., has expanded its college savings portfolio to include five new funds and a dollar-cost averaging feature. The plan now includes the Fidelity Advisor Inflation-Protected Bond Fund, the Franklin Mutual Advisors Mutual Shares Fund, the MFS Massachusetts Investors Growth Stock Fund, the Low-Price Stock Fund and the Templeton Foreign Fund. Its seven existing portfolios are invested in One Group mutual funds.

Evergreen Investments has launched a new national advertising campaign entitled, "More Demanding." The ads focus on the disciplined approach and long-term dedication to quality asset management Evergreen has deployed since 1932.

The National Investment Company Services Association (NICSA) has elected Penelope S. Alexander, senior vice president of human resources at Franklin Templeton Investments, as chairperson of the board of directors. She replaces Gary French, senior vice president and fund administration business head at State Street, who concluded his two-year term as chairman of the board May 30.

Roger Engemann, chief executive officer of Roger Engemann & Associates, an asset management subsidiary of Phoenix Investment Partners, has announced the appointment of Gretchen Lash to succeed him in that role. Lash will serve as CEO and CIO, and Engemann will continue to serve as chairman of the board.

Northern Trust Global Investments Europe has appointed Stephen Watson as portfolio manager to its active international equities team in London.

Mutual fund investors may get a better understanding of fund costs and greater insight into the relationships and possible conflicts of interests of fund management.

A prolonged bear market is resulting in the loss of millions of dollars in fees each year to mutual fund companies. Fund firms have a particular problem recouping the commissions fronted to brokers who sell funds with back-end loads. In response, some fund companies are changing the formula for calculating the contingent deferred sales charge (CDSC) paid by investors who redeem Class B shares within five years of their purchase. And tracking multiple CDSC calculations within the same fund share class is a new challenge for recordkeepers.