Money Management Executive Latest News

The National Investment Company Service Association (NICSA) is offering a 58% discount on its Mutual Fund Industry Specialist Certificate Program through May 31 for companies that enroll five employees or more. The limited-time discount lowers the standard $1,200 tuition by $700 to just $500 a person.

Jeffrey Miller has joined online retirement plan administrator and record keeper GoldK as executive vice president, global director of distribution. In addition to providing administrative services, GoldK offers retirement education and a selection of investments from 25 fund families.

Waddell & Reed has introduced a 401(k) plan for the self-employed. Called Exclusive(k), it is meant to be simpler to manage than traditional 401(k)s, according to the firm.

Fidelity Investments is adding an account aggregation service from Yodlee to its Web site for defined-contribution investors.

NYLIM Retirement Plan Services, a division of New York Life Investment Management, has created a password-protected section of its Web site specifically for registered reps. NYLIM Retirement provides a variety of products for defined-contribution and defined-benefit programs, including MainStay Funds and Eclipse Funds.

Harris Associates, the investment advisor to the Oakmark International Small Cap Fund, announced today that with the fund topping $325 million in assets, it will close to new investors as of May 10. Existing shareholders, however, may continue to purchase additional shares and reinvest dividends and capital gains.

John C. Bogle, founder of The Vanguard Group of Valley Forge, Pa., recently warned the mutual fund industry that it will lose its cherished spot in the hearts of long-term investors if it doesn't become more accountable to shareholders.

Investors have nearly $500 billion in assets sitting in 401(k) plans with their previous employers or in IRAs, according to a report by Spectrem Group of Boston. These untapped rollovers are a tremendous opportunity for mutual fund companies, according to the study, Spectrem's Ultra High Net Worth Report.

Competition in the world of exchange-traded funds is no longer just to attract investors. The New York Stock Exchange and the American Stock Exchange have engaged in a pricing battle over ETFs, trying to lure asset managers to their respective floors. As the NYSE has eliminated transaction fees on ETFs, AMEX has done the same - all in an attempt to become the leading exchange for ETFs.

A European fund researcher reported this month that, despite volatile global markets, the number of funds domiciled in Luxembourg, the continent's key mutual funds hub, has continued to increase, driving assets under management up by 6% in 2001.