Money Management Executive Latest News

Mutual fund industry analysts are optimistic about the impact the tax cut proposed by President-elect George W. Bush will have on the industry. The proposal would streamline the current five-rate tax structure to a four-rate structure. Under the current structure, the lowest rate is 15 percent and the highest is 39.6 percent. Under the proposal, the lowest rate would drop to 10 percent and the highest to 33 percent. This would provide approximately $460 billion of tax relief over five years, according to President-elect Bush's website, "A Tax Cut with a Purpose."

Phoenix Engemann Funds of Pasadena, Calif. has filed a proxy statement with the Securities and Exchange Commission seeking to merge the Phoenix-Engemann Small Cap Fund, a series of Phoenix Strategic Equity Series Funds of Greenfield, Mass., with the Phoenix-Engemann Small & Mid-Cap Growth Fund, a series of the Phoenix-Engemann Funds.

The independent trustees who oversee seven closed-end funds managed by Credit Suisse Asset Management of New York have changed their compensation program such that 50 percent of each trustee's annual compensation is in the form of fund shares and 50 percent is paid in cash. Previously, the Credit Suisse trustees were compensated under an all-cash arrangement.

The Hartford Financial Services Group of Hartford, Conn. is using humor in its latest ad campaign for its mutual funds and estate planning products. The Hartford Group's two new television ads began running in December.

The trustees of the four Cappiello-Rushmore Funds, saying that they could not find a suitable buyer for their floundering funds, have asked shareholders to approve liquidating all the funds in the $28 million Cappiello-Rushmore Trust complex.

Prudential Funds of Newark, N.J. has filed a proxy statement with the Securities and Exchange Commission seeking to merge its Prudential Government Securities Trust into the Prudential Government Income Fund.

Aetna Funds, a division of Aeltus Investment Management of Hartford, Conn. will add a sixth fund to its Principal Protection Funds series of guaranteed mutual funds in April 2001, according to Aetna.

Berger Funds of Denver announced that it is revising the investment strategy of the Berger Growth and Income Fund. The fund, which will be renamed the Berger Large Cap Growth Fund, will no longer seek income as part of its investment objective, and will concentrate solely on investment growth within the large cap market, according to the announcement.

The Securities and Exchange Commission is implementing minor changes to the new Form ADV rules it adopted in September, which require investment advisers to file the form electronically, the SEC has announced.

Prudential Funds of Newark, N.J. has filed a proxy statement with the Securities and Exchange Commission of Washington D.C. seeking to merge its Prudential Government Securities Trust into the Prudential Government Income Fund.