Money Management Executive Latest News

Waddell & Reed launched its 529 college savings plan, InvestEd Portfolios, today through its network of 3,000 financial advisors. The program is comprised of three funds-of-funds portfolios.

Principal Capital Management, a member of the Principal Financial Group, has acquired Spectrum Asset Management, a Stamford, Conn.-based investment manager that specializes in preferred securities, an alternative to traditional fixed-income securities, the company announced today.

The Principal Financial Group has filed a revised preliminary prospectus with the Securities and Exchange Commission in connection with the initial public offering of Principal Financial Group common stock.

The Securities and Exchange Commission said this week that it will relocate its Northeast Regional Office to the Woolworth Building in lower Manhattan. The Sept. 11 terrorist attacks destroyed its previous location at 7 World Trade Center.

Fitch, an international financial rating agency, has placed its two mutual fund fee securitizations on ‘Rating Watch Negative’ because of market uncertainty following the Sept. 11 attacks, the company announced today.

Fidelity Adds Tax Managed Fund to Advisor Category

Legg Mason and Delaware Investments Create Multifund Retirement Program:Companies Can Choose From 51 Funds

Bear Stearns Asset Management announced today the launch of the S&P STARS Opportunities Portfolio, a small- to mid-cap fund to compliment the firm’s 6-year old S&P STARS large cap fund.

Equity funds experienced an outflow of $5.25 billion, in August, the Investment Company Institute reported today. Total assets in equity funds fell 5.7% to under $3.39 trillion last month, according to the ICI.

Morningstar Investment Services, Morningstar’s newly created asset management unit, has hired Jeff Winton to the newly created position of national sales director.