Money Management Executive Latest News

A Boston-based asset management firm specializing in health care investing said today it has closed a biotechnology fund to new investors.

Artisan Funds said today that it will close its mid-cap fund to new investors as soon as assets in the fund reach about $2.2 billion.

ABN AMRO Asset Management of Chicago has named MFS Institutional Advisors, Inc. sub-advisor of the ABN AMRO Value Fund, according to a company regulatory filing.

After reaching the highest total ever in mid-December, money market mutual fund assets fell for the third straight week, according to the Investment Company Institute.

A national survey of 401(k) plan participants reported that they expect 6% returns from the stock market investments in the near term. The survey of 500 adults was conducted in November 2001 for The Vanguard Group.

Zurich Scudder Investments’ Scudder Retirement Services division added a new tutorial to the Scudder University participant Web Site. The tutorial, Investing for Retirement, is the third in a series begun with Setting Goals and continued with Creating a Plan.

Investors are largely unaware of the ways President Bush’s tax plan affects investment vehicles, according to the results of a survey released today by Fidelity Investments.

Ebank.com Inc. says it hopes its purchase of Peachtree Capital Corp. will help it cross-sell asset management services, boost its profile in its immediate region and nationally on the Internet, and build fee revenue.

Stilwell Financial said today that its assets under management totaled $193 billion at the end of 2001, a 12% gain from the end of September when the firm posted $170 billion in assets under management.

In an effort to reduce its costs in a difficult market, J.P. Morgan Chase & Co. is expected to cut year-end bonuses for many of its staff, including investment bankers, traders and money managers, by an average of 20%, according to a Reuters report.