Money Management Executive Latest News

Brinker Capital, an independent investment consulting firm that provides mutual fund and managed account services, launched today a new separately managed account for financial advisers and their clients. Brinker maintains that the program, Brinker Capital Managed Portfolios, offers managed accounts "with the administrative ease only once available with mutual funds."

Wasatch Advisors, Inc., which has garnered much attention in the consumer press for its domestic equity portfolios, has an international equity investing team in the works. Two portfolio managers and an analyst joined the firm on March 17 and will soon begin working on a new fund offering for the Salt Lake City-based firm.

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

The California State Teachers’ Retirement System (CalSTRS) has expanded the number of funds it offers the 3,000 teachers in its 403(b) plan from three to 11, and, as a result, is offering advice to participants at no charge. CitiStreet, a joint venture between State Street Corp. and Citigroup, is providing the in-person advice, while Financial Engines is providing the online advice.

Transfer agent and fund accounting firm PNC Financial Services Group of Wilmington, Del. will close its Tampa, Fla. and Westborough, Mass. offices by the end of the year. The closings will result in the elimination of 50 jobs and the consolidation of redundant retirement services into its Minneapolis, Minn. and Rockville, Md. offices. PNC’s call center and order fulfillment center will be centralized in Minneapolis, while retirement plan client services will be headquartered in Rockville.

Waddell & Reed 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.

Only 5% of taxpayers who expect to receive a refund this year plan on investing some of the money in mutual funds, stocks or bonds, according to a survey of 1,683 taxpayers by Cambridge Consumer Counseling Corp. of Islandia, N.Y., a company that offers credit counseling to consumers.

Most investors with Individual Retirement Accounts (IRAs) are unaware of the upcoming April 15 contribution deadline, according to a survey released today 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.

Assets that Fidelity manages as custodian for registered investment advisors grew more than 12% in 2001 to $58 billion. During the year, Fidelity added nearly 300 new RIA clients, including The Savant Group, First Mercantile Trust and Asset Planning Services.

American Century today began 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 through Charles Schwab.