Money Management Executive Latest News

Chicago fund researcher Morningstar said last week that it will change its widely used formula for evaluating mutual funds. The changes, which will apply to its "style box" system, are slated to go into effect by mid-year.

Eaton Vance Corp. has expanded its tax-managed fund family with three new products: Eaton Vance Tax-Managed Equity Asset Allocation Fund, Eaton Vance Tax-Managed Mid-Cap Core Fund, and Eaton Vance Tax-Managed Small-Cap Value Fund.

The MONY Group of New York announced last week that David Thomas, CEO of IMS Health, a market research firm for the pharmaceuticals and healthcare industries, has been nominated to MONY's board of directors. Shareholders will vote on the nomination at the firm's annual shareholder meeting scheduled for May 15.

Advantus Capital Management of St. Paul, Minn. has promoted Andrew Adams to investment officer.

Retirement plan provider GoldK said last week that it has finished building out a wholesale team that will target financial advisors. The company has been building the team for the last year and a half.

Third Avenue Funds of New York has hired Brandon Stranzl as a research analyst. He will be responsible for picking and researching the stocks of "distressed companies" as well as undervalued equities of well-capitalized firms, Third Avenue said in a statement.

Orbitex Financial Services Group has hired Jeffrey Connors as its president and COO. The appointment is part of the New York firm's broader expansion strategy, according to CEO Richard Stierwalt.

Credit Suisse First Boston has hired Brian Finn as a member of its new office of the chairman, which includes CEO John Mack and chairman Stephen Volk. Finn will also serve on the firm's operating committee and its executive board.

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

Rydex Funds has launched a sector rotation fund into the teeth of a market still skeptical about sector funds after the carnage of the past two years.