Money Management Executive Latest News

If imitation is the sincerest form of flattery, American Funds has a lot to be proud of. An innovative 529 plan it launched with the State of Virginia last Friday has caused at least two other investment managers to revamp their own college savings plans, according to industry executives.

Fund shareholders' overall satisfaction with the level of service they are getting from their fund companies is waning, according to a new survey issued today by the National Investment Company Service Association.

The Vanguard Group has, once again, put its foot down with market timers. The second largest fund group will begin imposing new, more restrictive measures aimed at further limiting market timing activity within the fund complex.

OppenheimerFunds' acquisition of Houston asset manager Gulf Investment Management last week is part of a three-year strategy to build its services for high-net-worth clients, a company official said in an interview. The move comes during a time when wealthy investors are increasingly demanding more advice and a greater customization to their products

Enron's bankruptcy has obviously affected the portfolios of several mutual funds. And other notable chapter 11 filings including Global Crossing and K-Mart, has also been a factor in at least one fund complex's decision to add analysts with accounting backgrounds to its research department. In fact, the demand for buy-side analysts with accounting savvy is on the rise, according to industry executives.

Charles Schwab of San Francisco couldn't have asked for better timing as it relates to Enron's unfortunate meltdown.

Assets under management in Argentina, Brazil, Chile and Mexico will double during the next five years, according to a new report on trends in the Latin American fund management marketplace by Cerulli Associates. Those assets currently stand at (US) $302.6 billion.

Fifth Third Bancorp has begun its first advertising campaign focused on its mutual funds' performance and its skill at offering financial advice.

MFMarketnews.com is keeping abreast of the industry's latest developments with postings twice a day. If you didn't log on last week, here are some Web exclusives you missed:

In yet another indicator that mutual fund companies are tightening their marketing budgets, Dow Jones said last week that advertising from financial companies in its flagship publication, the Wall Street Journal, declined by nearly 50% compared to the year before.