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In 2001, mutual fund ad campaigns looked very different than they have in recent years. In 1999 and 2000, bragging about performance was in. Last year, since most funds had horrible one-year performance, firms ditched the performance advertising and instead spread messages of the importance of a long-term, disciplined investment approach.

Regardless of the year, the market environment or the mood of investors, performance always plays strongly into driving sales for fund complexes. And that was certainly the case for the firms that dominated four key sales channels last year.

Admittedly, dealing with members of the media is not always a lot of fun for investment management firms. Reporters expect help with stories, even if they don't cast the firm in a very good light, and then there are the deadlines. Still, some companies are much better at it than others. In interviews with industry journalists, several firms received high praise for their PR efforts, but none matched that of T. Rowe Price, winner of the MFMN 2002 Best Mutual Fund PR Department award.

As we look forward at the beginning of a new year, the terrorist attacks of last Sept. 11 have put the challenges facing the mutual fund industry in perspective. Especially at this time of year, most of us are thankful for more basic gifts: family, friends and life itself.

Not all advisors to a family of small proprietary funds are content to just nurture and grow their funds. A few that are familiar with the challenges facing small funds are offering back office services to managers of other small funds in an effort to develop a new source of revenue stream.

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:

The following open-end funds were filed with the Securities and Exchange Commission in December:

Barbara Weidlich became the National Investment Company Association's first woman president in July. She succeeded Bob Goldberg, who had served as the organization's president for ten years.

USAA, a financial services company that serves military personnel, said that CEO Bob Davis will replace General Robert Herres as chairman of the organization. Davis, who joined USAA in 1996, became CEO in 2000.

The ARK Funds announced that Darryl Grayson has been named senior VP and national sales manager for the Baltimore-based fund family. Grayson was previously at the Delaware Funds, where he had served as VP and sales director since 1997.