Money Management Executive Latest News

Equity funds experienced net inflows of $21 billion in April, benefiting from a turnaround in investor confidence, according to Lipper of Summit, N.J. That comes after the largest net outflows from equity funds ever in March, according to Lipper.

ING Pilgrim Funds of Scottsdale, Ariz. filed a preliminary proxy with the Securities and Exchange Commission late last week seeking to replace J.P. Morgan of New York as the sub-adviser to its Pilgrim Research Enhanced Index Fund with Aeltus Investment Management of Hartford, Conn., an affiliated company, according to the proxy.

Abigail P. Johnson was named president of Fidelity Management & Research Company of Boston today, succeeding Robert C. Pozen, who resigned after four years as president, the company announced.

Deutsche Asset Management of New York, a subsidiary of Deutsche Bank of Frankfurt, Germany, filed a preliminary proxy with the Securities and Exchange Commission May 14, seeking to merge its Flag International Equity Fund with the Deutsche Asset Management International Equity Fund.

Bank of Montreal of Toronto, announced last week that it has acquired Guardian Group of Funds Ltd. from Guardian Capital Group Limited, also of Toronto. The deal is valued at U.S.$117 million in treasury shares, according to a Bank of Montreal spokesperson.

CitiStreet, of Quincy, Mass., announced last week that its American Odyssey Funds have undergone a number of investment management changes and have been renamed CitiStreet Funds. Citistreet, a global benefits provider, is a joint venture between State Street Corp. of Boston, and Citigroup of New York.

Mellon Financial Corp. of Pittsburgh will be adding a second "investor" class of shares to all 13 no-load mutual funds offered to clients of Mellon's private asset management division beginning July 11.

Wasatch Advisors of Salt Lake City will close the $261 million Wasatch Small Cap Value Fund to new investors on May 16 to stem cash inflows of hot money and protect investors, said Eric Bergeson, vice president of marketing at Wasatch. The group announced the fund closing in a May 10 prospectus amendment filing.

Former Securities and Exchange Commission Chairman Arthur Levitt, Jr. will join the board of directors of Neuberger Berman, of New York, the company has announced.

The Vanguard Group of Malvern, Pa., is adding Admiral Shares to eight additional funds, bringing its total number of funds offering the share class to 28, the company announced. The funds that will offer Admiral Shares include: Windsor II, Growth & Income, Morgan Growth Fund, Wellington Fund, Wellesley Income, N.J. Insured Long-Term Tax-Exempt, N.Y. Insured Long-Term Tax-Exempt and the P.A. Insured Long-Term Tax-Exempt.