Money Management Executive Latest News

Bank One Corp. will roll out a technology-based private foundation product Dec. 1 in an effort to bring a tax shelter built for the ultrawealthy to the wealthy.

Philadelphia asset manager SEI Investments has been selected to oversee the $80 million pension plan of a British garment and laundry firm, it was announced this week.

New York Life Investment Management LLC has launched a 529 plan in conjunction with State Street Corporation’s subsidiary, Schoolhouse Capital. The CollegeSense 529 Higher Education Savings Plan will be distributed through NY Life’s force of captive agents as well as independent broker/dealers. Schoolhouse’s existing plan, the Education Plan, is currently available directly through Schoolhouse Capital and E*Trade.

When the markets headed south, investors started seeking more investment advice. The do-it-yourself days appeared to be over and the financial adviser became an ever more important part of the retail sales efforts for mutual fund firms.

A study released last week by two investment industry groups said that 401(k) participants did not significantly alter their 401(k) accounts as equity markets plummeted last year.

As a bill that would allow fund companies to provide investment advice to 401(k) participants took a step closer to becoming law earlier this month, fund companies watched carefully as new developments cast uncertainty on what that law would entail.

Usually it is the fund wholesaler who finds himself politely escorted out of an investment advisers' office with nothing but a sales pitch to show for his time. But Dimensional Fund Advisors, with approximately $31 billion in assets under management, has managed to turn that situation around.

Large-cap growth? Small-cap value? Where on the style grid can we put a fund? A Manager? We shouldn't put them anywhere because the traditional style grid used in the mutual fund industry to classify funds and managers is useless, according to a Colorado-based investment management firm.

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 economy may be slowing, but Orbitex Management, the New York investment management division of Orbitex Financial Services Group of Zurich, Switzerland isn't showing any signs of slowing down its momentum.