Money Management Executive Latest News

Franklin Templeton Investments announced that, effective Jan.1, 2002, it will combine its financial advisor and financial institutions divisions to form the independent & bank division. There will be no change in wholesaler staffing as a result of the combination, however territories in the independent & bank division and the wirehouse/regional division will be redefined, and in most cases, reduced in size.

Vanguard Group will add Admiral Shares, a low-cost share class, for 18 funds, including stock, bond and sector funds. Since November 2000, Vanguard has made Admiral shares available for 34 funds. With the new funds, Vanguard will have made Admiral shares available for close to half of its 108 U.S. funds

Fund researcher Morningstar said today that it will provide components of its online analysis tool to Merrill Lynch Investment Managers.

FleetBoston Financial announced today that it has completed the process of acquiring the asset management units of Liberty Financial Companies. Last summer FleetBoston agreed to acquire those businesses for $900 million. The firm also assumed about $110 million in revolving debt.

Montgomery Asset Management said today that it has launched a new mutual fund devoted to investing in companies that provide alternative energy sources.

At first glance, Ameritas Investment Corporation’s decision to replace sub-advisor Fred Alger Management in its small-cap portfolio may seem callous. John McStay Investment Counsel, advisor to the Brazos Funds, will now take over the sub-account.

Korean Investment Fund Will End Closed-End Status:Shareholders Approved Conversion in September

Citizens Advisers the Portsmouth, N.H., advisor to a group of eight social funds, made the somewhat unsociable move of cutting 15 positions from its ranks, the company announced today.

The retail investment arm is launching a new high-net-worth wrap product that allows financial advisers to build, manage and customize portfolios of funds and individually managed accounts.

Franklin Templeton Investments will serve as an advisor to a Chinese investment firm in a deal that could become a joint venture, Reuters reported today.