Money Management Executive Latest News

Skye Investment Advisors of Los Gatos, Calif. is seeking shareholder approval to liquidate the Bearguard Fund, according to a preliminary proxy statement filed Jan. 31 with the Securities and Exchange Commission.

The American Stock Exchange has announced that it will begin trading the Cohen & Steers Realty Majors Index Fund, a new exchange-traded fund offered through Barclays Global Investors of San Francisco.

SSB Citi Asset Management Group of New York, the money management unit of Citigroup, has changed its name to Citigroup Asset Management, Citigroup has announced.

The Evergreen Funds has introduced the Evergreen Premier 20 Fund, a concentrated equity mutual fund. The fund is a multi-cap, multi-sector portfolio with four share classes and it will invest in 20 to 40 stocks selected by four Evergreen managers, according to the company.

State Street Global Advisors of Boston has announced that it has set up a joint venture company with ABP, a Dutch pension fund, to invest in innovative investment management start-up companies.

Ursala Carty has been named executive vice president and director of distribution of the Dreyfus Corporation of New York. Previously, Carty was senior vice president of product management and development of the asset management division of Paine Webber of New York. Laura Mulhall has been named executive vice president and head of the independent financial planning sales division, also at Dreyfus. Mulhall was formerly senior vice president and director of the financial advisor division at OppenheimerFunds of New York.

The recent decision of The Investment Company Institute, the industry trade group in Washington, D.C., to report exchange-traded fund flows is significant because it marks the industry's acceptance of a non-traditional fund product and could promote wider acceptance of the product, according to industry analysts.

The operational efficiencies created by reorganizing a fund in Maryland or Delaware often come at a cost to shareholders who lose some of the power they may have had under other states' fund governance laws, according to industry lawyers and analysts.

NEW YORK - The after-tax disclosure regulations that were recently adopted by the Securities and Exchange Commission have several major flaws which will potentially hurt, not help, fund shareholders, according to Matthew Fink, president of the Investment Company Institute, who spoke here last week.

With only a handful of competitors vying for its burgeoning middle class roughly the size of the entire U.S. population, India could represent one of the most lucrative international markets in the world, according to U.S. fund executives.