Money Management Executive Latest News

AIM Distributors has added a new R share class to 21 of its mutual funds. The R shares are no load and carry a 12b-1 fee of 50 basis points to compensate registered representatives selling AIM funds to small and medium defined contribution plans.

Orbitex Financial Services Group has formed an alternative strategies group to market hedge fund-based products in the U.S. and abroad. Orbitex Alternative Strategies (OASI) has been targeting high-net-worth and small institutional clients in foreign markets for the past eight months and has just now introduced its alternative strategies in the U.S.

Rydex Global Advisors of Rockville, Md., the investment advisor to the 33 Rydex funds,

WASHINGTON - "No one can foresee all of the challenges and opportunities that lie ahead," Investment Company Institute President Matthew Fink said at last year's general membership meeting.

WASHINGTON - In a speech that some thought signaled a get-tough attitude toward the mutual fund industry, Securities and Exchange Commission Chairman Harvey Pitt told executives late last month that the SEC would review distribution fees for mutual funds.

WASHINGTON - Kicking off the 2002 General Membership Meeting of the Investment Company Institute on the heels of recent scandals that have rocked the investment management and accounting industries, ICI President Matthew Fink told fund executives that the mutual fund industry was working hard to protect the interests of shareholders.

WASHINGTON - Saving enough for retirement is tough these days. While there are a large variety of retirement vehicles to choose from and last year's tax bill increased contribution limits, as life expectancies increase, saving for retirement has become a tremendous challenge. Consequently, so has providing retirement-oriented investment products, according to Jonathan Pond, an investment adviser and financial writer in Watertown, Mass.

Century Capital Management, which manages one of the industry's oldest mutual funds, is ready to use three new strategies to grow its small niche firm in the 21st Century.

Two competing bills in the House and the Senate that would reform 401(k) plans to protect investors in the wake of the Enron bankruptcy appear to have polarized legislators. The two biggest points of contention are whether 401(k) investors should be allowed to own company stock and whether mutual fund companies in a plan are capable of providing objective investment advice.

The company has partnered with an information portal for financial advisors to make its services more widely available.