Money Management Executive Latest News

The Citco Group Limited, an international financial services company headquartered in Amsterdam, the Netherlands, announced today that it entered into a joint venture with JKP Partners of Valley Forge, Pa. to provide transfer agency, fund accounting, administration, legal and compliance services to U.S.-based mutual fund companies.

Only one percent of retirement savers in a telephone survey among 750 401(k) plan participants could correctly answer 10 questions regarding benefits, contribution limits and penalties related to their plans.

In an effort to limit market timing activity, firms are increasingly attaching redemption fees to funds. As of the end of March, 585 funds charged redemption fees, up 82 percent from the end of 1999, according to a study by Financial Research Corporation of Boston.

A district court judge in Connecticut issued an emergency order last Thursday freezing the assets of Ian Renert and Hawthorne Sterling & Company, an unregistered investment adviser in Wilton, Conn., according to the SEC.

T. Rowe Price of Baltimore has launched a new national 529 plan, the company announced today. The plan, which is sponsored by the Alaska Trust, is open to any U.S. resident and allows participants to invest up to $250,000 for education, according to the company.

E*TRADE Group of Menlo Park, Calif. has signed an agreement with Standard & Poor's of New York to offer online investors 21 predesigned "baskets" of stocks, to be called E*TRADE Stock Baskets.

State Street Global Alliance, a jointly-owned subsidiary of State Street Global Advisors and State Street Corporation, all of Boston, will develop and sell alternative investment products, including hedge funds, and has acquired hedge fund manager, RXR Group of Stamford, Conn., the company announced last week.

Credit Suisse Asset Management of New York, adviser to the Credit Suisse Warburg Pincus Funds, planned to run the first of four new print ads in The Wall Street Journal last week, according to the company.

Putnam Investment Management of Boston has settled a lawsuit brought against the firm's top executives as well as its mutual fund trustees by The Commerce Group, an insurance holding company in Webster, Mass.

AIM Funds of Houston will be asking shareholders to approve a change that will allow the fund group to have one 12-member board of directors for all of the group's funds. Currently, the group has two fund boards with some overlapping members.