Money Management Executive Latest News

The Van Global Hedge Fund Index, a benchmark of hedge fund performance run by Van Hedge Fund Advisors International, rose 3.7% in May, net of fees, up from a 2.6% gain in April, according to a preliminary report. That brings the index up 7% for 2003, marking its best calendar-year start since 1999.

American Century Investments and JPMorgan, the asset management unit of J.P. Morgan Chase & Co., announced Tuesday that the Morgan unit took sole ownership of the companies'’ joint venture retirement plan on June 1.

Some of Italy’s most powerful fund managers have publicly expressed their concerns about a potential merger of Telecom Italia with its parent company Olivetti, according to Reuters.

The relationship between net asset value (NAV) and income from 12b-1 fees makes equity market volatility an important factor in 12b-1 fee asset securitizations, but it is not the only one, according to a report from Standard & Poor’s.

Evergreen Investments has launched a new national advertising campaign entitled, "More Demanding." The advertisements focus on the disclipined approach and long-term dedication to quality asset management Evergreen has deployed since 1932, according to the company. "The market fluctuates. Our standards, however, don’t," is the tagline for one of the print ads. "While the market will never be controlled, we believe it can be managed," is the tagline for another. The ads will run on a variety of television networks, outdoor media and in print publications.

PFPC, a member of the PNC Financial Services Group, announced Wednesday that the F&C Claymore Preferred Securities Income Fund has selected the firm for its fund accounting and administration services.

Only a small percentage of Americans maximize their 401(k) contribution limits, Putnam Investments’ Putnam Participant Poll shows. Only 11% of those under 50 contribute the $12,000 maximum amount and only 14% of those over 50 contribute the $14,000 maximum. Furthermore, the number of people participating in 401(k) plans has dropped by 6% since the beginning of the year, Reuters reports. Nonetheless, 85% of respondents said retirement is their No. 1 savings goal, the Putnam survey showed.

After surging 7.81% in April, equity mutual funds rose 7.09% in May, Lipper reported Tuesday. This marks the biggest two-month rally for equity funds since late 1999, when they rose 16.4% between November and December.

CollegeChoice 529 Investment Plan, an affiliate of Bank One Corporation, announced Tuesday that it has expanded its college savings portfolio to include five new funds and a dollar-cost averaging feature.

Legislators will meet on Capitol Hill Thursday to consider a bill that would bolster the Securities and Exchange Commission’s enforcement powers and increase its ability to award cash settlements to defrauded investors.