Money Management Executive Latest News

Assets of high-yield or junk bond mutual funds have risen roughly $1.5 billion since the beginning of the year. In the week ending Jan. 17 alone, assets rose $658.7 million and in the subsequent week, ending Jan. 17, they rose $834 million, according to AMG Data Services of Arcata, Calif., a mutual fund asset-tracking firm. Those increases are substantial considering the fall in assets in junk bond funds recently. Assets in the funds decreased by $10.94 billion from the beginning of the third quarter of 1999 to the end of the third quarter of 2000, according to AMG. That represents the largest drop in junk bond assets for any five-quarter period on record, according to AMG.

BOSTON - Despite the millions of dollars funds pour into marketing and advertising campaigns, their efforts are not being noticed by shareholders and are generally not effective, according to a recent survey conducted by the National Investment Company Service Association of Wellesley, Mass.

Over the next 15 to 20 years, 77 million baby boomers will retire and attracting assets from their retirement plans is a major concern of mutual fund companies, said Duff Meyer, senior vice president at Delaware Investments of Philadelphia.

Pioneer Investments of Boston, a subsidiary of Italy's UniCredito Itliano S.p.A. since last November, is undertaking several new marketing initiatives this year.

INVESCO Funds of Denver has offered to pay $120 million to puts its name on the new football stadium of the Denver Broncos, according to Tim Romani, executive director of the Metropolitan Football Stadium District of Denver in a statement to the District's board of directors today.

SaveDaily of Irvine, Calif. and beenz.com of New York have announced that beenz.com account holders can now buy shares of mutual funds with their beenz through SaveDaily.

The SEC has adopted a new rule that will require mutual funds to hold at least 80 percent of their assets in securities that are consistent with their names, said SEC Chairman Arthur Levitt, speaking last week to investors attending an SEC town hall meeting in Philadelphia.

Strong Capital Management of Menomonee Falls, Wis., the investment firm which manages the Strong family of funds and over $42 billion in assets, has announced it will exercise its option to acquire Strong Schafer Capital Management, the alliance between Strong and Schafer Capital Management.

Firsthand Capital Management of San Jose, Calif. has announced that the Firsthand Technology Innovators Fund will reopen to new investors on Feb. 1.

Tweedy, Browne Company of New York has been named International Fund Manager of the Year for 2000 by Morningstar of Chicago, according to Tweedy, Browne.