Money Management Executive Latest News

A growing number of European financial advisors are using the Internet, but fund companies there are not providing them with online tools and dedicated Web sites to help them serve their clients, according to a new study issued by e-business consulting firm kasina.

The Securities and Exchange Commission has shut down two illegally run mutual funds and the FBI seized records and data from the Linville Group, the company that ran the funds, according to a SEC official.

Sub-advised fund assets grew by 9.1% last year, compared to internally managed funds, which actually dropped by 2.9%, according to a new study by Financial Research Corp. While sub-advised stock and bond funds account for only 10.1% of total industry assets, they drew in 16% of total net flows in 2000, according to FRC.

While the staple of GivingCapital's business, donor-advised funds, are nothing new, they could be poised to give a dramatic boost to a mutual fund industry seeking new ways to raise assets.

In an effort to capture a greater percentage of high-net-worth assets, Fidelity Investments announced that it will expand its wealth management products and services, adding 350 employees and nine investor centers, including the company's first appointment-only offices in New York and Chicago.

Junk bond funds experienced the second largest outflow this year for the week ending Wednesday, according to AMG Data Services of Arcata, Calif. The $622.2 million in outflows last week is the most since a $649.5 million outflow the week ending March 21.

Putnam Investments has named Philippe Bibi senior managing director and chief technology officer, the company announced today. Bibi will be responsible for all aspects of Putnam’s systems infrastructure and development, as well as the company’s technology integration.

The Vanguard Group announced today that it has hired Alliance Capital Management of New York to replace Lincoln Capital Management of Chicago as the new sub-advisor to its $12.4 billion Vanguard U.S. Growth Fund effective today.

Analysts from Forrester Research wrapped up its recent Finance Forum with a panel discussion, sharing their insights on the current state of online financial services.

The Securities and Exchange Commission obtained a court order late last week shutting down two illegally run mutual funds and the Federal Bureau of Investigation seized records and data from the Linville Group, the company that ran the funds.