Money Management Executive Latest News

Morningstar, the Chicago-based fund researcher, said today that it will offer a group of new indexes early next year that are intended to be licensed to mutual fund companies developing new index-based products.

Nasdaq will begin offering a new ETF next year that will, for the first time, allow ETF investors to invest in the entire Nasdaq Composite Index, the Wall Street Journal reported today.

The Vanguard Group introduced today the Vanguard Capital Value Fund, the firm’s sixth actively managed value fund, which will be sub-advised by Wellington Management Co. of Boston.

Stilwell Financial subsidiary Berger Funds of Denver said today that it plans to merge two of its growth funds into other products because of poor performance and increasingly timid investors.

Pilgrim Baxter & Assoc. added three funds to the 16 it offers under the PBHG moniker: PBHG Clipper Focus, PBHG New Perspective and PBHG REIT. The funds were formerly part of the UAM Funds group.

Investor communications firm NewRiver and ADP Investor Communication Services, a division of Automatic Data Processing’s Brokerage Services Group, are partnering to extend NewRiver’s online document delivery system to brokers, the companies said today.

SEI Investments, long a provider of back-office and investment management services to banks and advisers, is gearing up to move into the data aggregation business.

With tax code changes making qualified withdrawals from Section 529 plans free from federal income tax as of Jan. 1, employers are exploring new options to make saving for college easier on working parents.

The Bank of New York announced today that its Luxembourg subsidiary has opened a branch in Belgium to offer custody and administration services for Belgian domiciled UCITS (Undertakings for Collective Investment in Transferable Securities). UCITS are European funds that can be marketed and sold to all European countries, not just the country in which they are domiciled.

Banc One Investment Management Group, Bank One Corp.’s investment management unit, has named Mark Beeson CFO. The unit serves as investment advisor to the One Group Mutual Funds family.