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NEW YORK - Fund companies continued to introduce new exchange-traded funds throughout the past year, but the market will not be able to support an unlimited number of the new products, according to several industry executives.
February 5 -
In a deal to solidify its status as Canada's largest mutual fund company and strengthen its hand against foreign-owned competitors, Investors Group of Winnepeg, Manitoba, has agreed to acquire the fifth-largest firm, Mackenzie Financial of Toronto.
February 5 -
American Century Investments of Kansas City, Mo. has filed for the registration of a new fund that would carry harsh restrictions aimed at discouraging market timers from investing in the fund.
February 5 - Money Management Executive
The lower house of the German parliament late last month approved a measure which would reform Germany's pension system and make it difficult for plan participants to invest in stock mutual funds. Under the measure, the size of state pensions would decline over the next 30 years, individual contributions to privately-funded pension plans would rise and the state would offer cash grants or tax incentives to those who join the private plans, said Dieter Braeuninger, senior economist at Deutsche Bank Research in Frankfurt.
February 5 - Money Management Executive
The Berger Funds of Denver has made several changes in an effort to increase IRA account assets. The company announced last week that it has eliminated the maintenance fees for all its IRA accounts, lowered the minimum initial investment required to open an account, and established education IRAs.
February 5 -
UMB Financial Corporation of Kansas City, Mo. signed a letter of intent last week to acquire Sunstone Financial Group of Milwaukee, Wis. for an undisclosed amount, according to Mim Allison, president and CEO of Sunstone.
February 5 - Money Management Executive
Conseco Capital Management of Carmel, Ind. is seeking to outsource the management of its funds to sub-advisers rather than replace portfolio managers it lost to other companies last year, according to a preliminary proxy statement filed with the Securities and Exchange Commission.
February 5 -
The Equitable Life Assurance Society of the United States of New York, a unit of AXA Financial of New York, is in the process of developing the Equitable Premier Funds, a family of ten open-end, mutual funds.
February 5 -
Thomas H. Bailey, CEO and founder of Janus Capitol of Denver, sold half his stake in Janus to the company's parent, Stilwell Financial of Kansas City, Mo., for an undisclosed amount, Stilwell has announced.
February 5 -
The Hartford Financial Services Group of Simsbury, Conn. has agreed to purchase Fortis Financial Group, the variable life insurance, mutual fund and annuity arm of Fortis of Woodbury, Minn., for $1.12 billion in cash, Fortis has announced.
February 5