Money Management Executive Latest News

Although account aggregation was expected to encourage more investors to take charge of their financial lives at the expense of financial planners, it has failed to attract much attention, according to a new report from Spectrem Group. In fact, self-directed investors expressed the least interest in account aggregation, according to the report, "Account Aggregation: Magic or Mirage." Spectrem attributed this group’s lack of interest to their familiarity with current tools.

The Investment Company Institute has conveyed the mutual fund industry’s support for accounting and auditing reform. In a letter to Senate Majority Leader Tom Daschle (D-SD) and Senate Minority Leader Trent Lott (R-MS) dated today, ICI President Matthew Fink called for the support for action by the Senate and enactment of reform legislation by the Congress.

The Mexican subsidiary of Prudential Financial has agreed to buy another Mexican financial services company in an effort to fortify its Mexican business by consolidating the two firms.

Aquila Management Corp., the investment advisor of the Aquila Group of Funds, announced today that Emily Rae has been named vice president of the Aquila Rocky Mountain Equity Fund and the Aquila Tax-Free Fund of Colorado.

Citizens Advisers, the investment advisor to the socially responsible Citizens Funds, has created a five-member operating committee to replace outgoing President and CEO John Shields, whose three-year contract has ended, the firm announced today.

Armada Funds announced today that it is introducing a new small-to-mid-cap value fund that will focus on stocks with market values of $500 million to $5 billion.

Although assets held in retirement accounts declined 4% last year, the net flow of $140 billion to mutual funds through retirement accounts in 2001 was up 18% from 2000, the Investment Company Institute reported.

Having accumulated $2 billion in three previous ING Principal Protection Funds, ING today is launching the Principal Protection Fund IV.

AIM Distributors has decided to reveal all of the members of its portfolio teams, not just its portfolio managers, the firm announced today. By the end of this month, the firm will list other members of the team, along with their biographies, in fund prospectuses and on its Web site.