Money Management Executive Latest News

INVESCO Funds Group announced today that it is turning almost all of its funds into purely load products. Beginning March 1, the firm will add A and B class shares to its products at a time when investors are seeking financial advice more than ever.

Eaton Vance Corp’s revenue increased nearly $57 million in fiscal year 2001, up 13% from 2000, the firm reported today. At the same time, operating expenses increased by more than $48 million, or 20%, due to increased fund marketing costs, higher mutual fund service fee expenses and higher compensation costs.

Armada Funds is beefing up its distribution staff, adding six external wholesalers and additional internal staff that will help distribute its products via the Web, company officials said today during a teleconference with members of the press.

Brown and Co., JP Morgan Chase’s discount brokerage unit, announced today that it has lowered its mutual fund transaction fee from $19 to $5 for orders placed online.

After taking some flak from advisers for one advertising campaign, Charles Schwab has launched another that may be less controversial.

Jerry Peterson, senior partner and vice president of Denver Investment Advisors LLC, has left to form Agger Capital Management, an independent investment management firm based in Denver.

A new survey issued by Charles Schwab suggests that brokerages and fund complexes that offer donor-advised funds encourage investors to dig into their pockets more deeply and frequently for charities.

California-based firm Litman/Gregory Advisors has decided to ax Janus Capital’s Helen Young Hayes, a well-known fund manager that helped oversee its Masters’ Select International Fund as it nose-dived into double-digit losses this year, Reuters reported this morning.

AdvisorCentral, a company jointly run by Fidelity, Putnam, Franklin Templeton and PFPC, today launched a fund Web portal service, but participation in the service has failed to meet initial expectations.

American Century Investments closed its Small Cap Value fund to new investors in order to maintain the fund’s ability to easily invest in smaller companies, the firm announced today.