Money Management Executive Latest News

The Strategic Partners Focused Value Fund of Prudential Investments of Newark, N.J. raised $242 million in its six-week subscription period ending March 27, the company announced today.

Morningstar of Chicago, a provider of investment information and analytical devices, announced last week that Morningstar Europe is expanding its free web-based information service to the Netherlands and Italy. Italian investors will have access to information on almost 3,400 mutual funds, while Dutch investors will have access to information on more than 900 funds, according to the company.

INVESCO Funds Group of Denver announced last month that Manulife Financial and Sun Life Financial, both of Toronto, have added INVESCO products to their annuity product lines. Last week, the company announced that several INVESCO sector funds have been added to the product lines of five more insurance companies.

American Century Investments of Kansas City, Mo. announced last week that it is introducing seven new funds and is adding C shares to 23 of its funds.

Robert Pozen, vice chairman of Fidelity Investments of Boston, was appointed last week by President Bush to a newly-formed presidential commission that will study the Social Security program and issue a report on reforms this fall, the White House announced.

AMVESCAP of London announced last week that it will acquire Pell Rudman & Co. of Boston from Old Mutual PLC, also of London, in a multi-year purchase arrangement which includes a $172 million cash payment and potential asset retention payments of up to $28 million over the next two years.

Affiliated Managers Group of Boston announced last week that it has privately sold approximately $175 million in 20-year zero-coupon convertible senior bonds. Affiliated Managers Group is a holding company for 15 affiliates that collectively manage almost $70 billion in assets. Its affiliates include Essex Investment Management of Boston, The Managers Fund of Norwalk, Conn., and Tweedy Browne Company of New York and London.

David Johnson has been named executive vice president and chief financial officer of the Hartford Financial Services Group of Hartford, Conn. Johnson was formerly chief financial officer for Cendant Corporation of Parsippany, N.J.

Recommendations outlined in the Securities and Exchange Commission's April 30 valuation letter will create logistical challenges for small- and mid-sized fund companies and raise questions as to when fund boards should use fair value pricing, according to industry lawyers and observers.

The Internal Revenue Service has denied the request of the Investment Company Institute of Washington, D.C. to include the tax treatment of fund launch costs in its 2001 Priority Guidance Plan to finally resolve the issue. The ICI still hopes the issue will be considered this year, but it is clear that since the IRS left it out of its business plan, it is not one of its top priorities.