Money Management Executive Latest News

Charles Schwab & Co. today introduced the Schwab Hedged Equity Fund, its second new product to use the Schwab Equity Ratings system, new ratings software that grades stocks A through F based on a number of factors including industry exposure and risk management [see MFMN 8/5/02].

Wachovia, parent company of Evergreen Funds, has selected SEI Investments to provide straight-through-processing and automated client-service technology, as well as to help make its custody business more efficient. Wachovia, which manages more than $500 billion, has been a client of SEI for 10 years.

The Bank of New York said late last week that it has signed an agreement with a provider of managed account technology platforms.

Charles Schwab Corp. of San Francisco has just re-launched a large-cap mutual fund using a proprietary equity research system.

As scandals on Wall Street continue to frighten investors, so-called socially responsible investment funds are becoming more popular, according to data provided by fund researcher Lipper of New York.

NEW YORK - Section 529 plans, with $10 billion in assets at the end of 2001, could reach $100 billion by 2005 and more than $380 billion by 2010, according to estimates from Financial Research Corp. (FRC) of Boston.

Prudential Financial of Newark, N.J., has purchased a portion of two mutual fund distribution and asset-management companies owned by a German bank in an effort to target German investors. In doing so, analysts said Prudential is one of the first U.S. firms to acquire German fund operations in a market considered by some to be the most opportunity-rich in the world. Analysts expect more firms to follow Prudential's lead.

Only 61% of parents are saving for college, and many of them are beginning to wonder why.

SHELTON, Conn. - American Skandia late last month unveiled a new marketing and advertising campaign targeting investment professionals to reflect a new company-wide focus on helping them meet customer needs rather than promoting individual product lines. The tagline for the new campaign is "Get ahead. We're behind you."

A whopping 93% of all equity mutual funds suffered losses in the second quarter, according to Weiss Ratings, which tracks stocks and mutual funds. By comparison, 45% of all equity mutual funds posted losses in the first quarter.