Money Management Executive Latest News

White papers and reports across the board said that in order for financial advisers to stay afloat, they must dive headfirst into the high-net-worth market. But few papers actually give specific suggestions on how advisers should do this.

PBHG Funds is leveraging its parent company and developing five clones of funds offered through Old Mutual affiliate United Asset Management, according to company filings

AIM Funds Closes Japan Growth Fund:Becomes Fifth AIM Fund to Close in August

Recent mergers of E*Trade’s proprietary index fund line-up could indicate a shift in strategy for the online brokerage firm. Despite recently liquidating two funds and merging two others, the firm insists that it is committed to providing customers with a comprehensive slate of funds.

AIM Management Group announced today that its Small Cap Growth Fund has reopened to new investors since closing November 1999.

Equity funds experienced an outflow of $1.5 billion in July, the first net outflow since March, Lipper reported today. Conversely, money-market and other fixed income funds reported inflows, with bond funds taking in $7 billion, the largest total since January.

PIMCO is adding two new funds that invest in Treasury Inflation Indexed Securities (TIPS), said John Brynjolfsson, a portfolio manager with the company.

Winning distribution through broker/dealers and wirehouses often depends on offering a fund that has top-tier performance. But short of performance, access to distribution can often be gained by offering a unique niche product that has a good story to tell.

Indeed, since the beginning of the year, Kelmoore has added five distribution agreements with broker-dealers and wirehouses including, Merrill Lynch, Paine Webber, First Union and Raymond James, he said. Kelmoore now has over 220 different agreements with regional broker/dealers and wirehouses, which has prompted the firm to add 22 new external wholesalers this year, he said. In addition, 11 new inside sales reps have been added.

While the funds' performance isn't impressive, their ability to attract assets certainly has been. Both the Strategy and Strategy Eagle funds have steadily attracted assets, according to data provided by Financial Research Corporation of Boston. Data for the firm's Liberty fund, which launched Dec. 26, 2000, was not available, but the fund held $3.25 million in assets at the end of the second quarter, according to company data.