Money Management Executive Latest News

Mellon Financial Corp. launched an aggressive advertising campaign last week to highlight its new emphasis on asset management as a result of nearly a decade of restructuring, according to executives of the Pittsburgh-based financial services firm. Over the past 10 years, Mellon has divested itself of a banking division while concentrating more on asset management by acquiring such companies, according to executives of the firm.

Mutual fund and alternative investment advisors alike have been racing to attract wealthy clients with a rash of new hedge funds over the past year.

Web advertising by mutual fund companies declined markedly by about 70% between December 2001 and January 2002, according to data from Jupiter Media Metrix, a Web research firm based in New York. But the plummet may be more the result of a few giant companies scaling down their Web campaigns than a massive pullback by the industry as a whole. In fact, a number of executives say they continue to see the Web as a compelling, and often cheap, way to round out their advertising strategies.

Equity funds experienced a net inflow of $4.69 billion in February, according to the Investment Company Institute. Combined with January's flows, equity funds have garnered $24.74 billion in net flows in the first two months of this year.

Berger Financial Group of Denver, the investment manager for Berger Funds, has launched the Berger Small Cap Value Fund II, a fund that invests primarily in undervalued stocks of small firms.

American Century Investments of Kansas City, Mo., has begun selling its 529 college savings plans through financial advisors. Previously, American Century's Learning Quest Education Savings Program was only available directly through the company or Charles Schwab.

U.S. Bancorp Asset Management of Minneapolis, the investment advisor to the First American Funds, has struck a deal with Country Insurance & Financial Services to distribute eight First American funds through the insurance provider's wholesaler network.

Waddell & Reed of Overland Park, Kan., has aligned with BabyMint, Inc., an Atlanta-based firm that offers consumers rebates on purchases to invest in any 529 college savings plan of their choice.

Most investors with Individual Retirement Accounts (IRAs) are unaware of the upcoming April 15 contribution deadline, according to a survey says by Fidelity Investments. Of those surveyed who own IRAs, 62% did not know about the deadline. Of the total 1,007 people surveyed, which included people who do not own IRAs, 84% were unaware of the deadline.

Nearly all Americans, 92%, consider financial planning important, according to a survey commissioned by the Consumer Federation of America and the Financial Planning Association.