Money Management Executive Latest News

Enterprise Group of Funds of Atlanta has announced plans to introduce a mutual fund focused on corporate takeovers. Enterprise will launch the Enterprise Mergers and Acquisitions Fund in the first quarter of 2001, the company announced.

Domini Social Investments of New York will offer its Social Equity Fund in Ford Motor Company's 401(k) plan, the ninth largest defined contribution plan in the country, Domini has announced.

AMVESCAP of London announced it has entered into an agreement to purchase County Investment Management, an Australian institutional asset, from the National Australia Bank of Melbourne for approximately $60.47 million. County Investment Management has over $7.5 billion in assets under management. The deal, which is pending Australian regulatory approval, is expected to be completed early in 2001, according to the announcement.

Michael Murray has been named senior vice president and national markets director for mutual funds for American Skandia of Shelton, Conn. Murray was previously national sales director, financial institutions channel at American Skandia. Also, Timothy Klahs has been appointed vice president of investor relations at American Skandia. Previously, Klahs worked in investor relations for IMRglobal Corporation of Clearwater, Fl.

In a situation with parallels to the post-election presidential contest, the Vanguard Group of Malvern, Pa., moved a step closer late last month to issuing its VIPER's exchange-traded share class by winning SEC approval to issue the shares. But the product's final approval still hinged on a pending lawsuit.

The new tax break on capital gains that went into effect Jan. 1, under the Taxpayer Relief Act of 1997 will have little, if any, effect on mutual fund holding periods, say industry analysts.

When the Firstar Corporation of Milwaukee completes its acquisition of U.S. Bancorp of Minneapolis, the combined asset management unit will have approximately $50 billion in mutual fund assets under management, according to Strategic Insight of New York. So what can be expected once the merger is completed? Further expansion, according to Thomas Schreier, the asset management unit's newly-appointed CEO.

Ark Funds, the proprietary funds of Allfirst Bank of Baltimore, Md. is hoping consumers' love of the family dog will allow its billboard advertising campaign to change their perceptions about mutual fund investing, according to Michael Mattingly, Ark Funds' marketing manager.

The movement of open-end mutual fund assets into equity holdings in the past decade has been more dramatic than might be expected, according to the Institutional Investment Report, released last month by The Conference Board of New York. The percentage of open-end mutual fund assets invested in equities grew from 23 percent in 1990 to 58.8 percent at the end of 1999, according to the report. While this shift has encompassed all institutional investor assets, accounting for 26.4 percent in 1990 and 50.3 percent at the end of 1999, the open-end mutual fund category grew more substantially than the rest, according to the report.

PNC Advisors, the high net worth wealth management division of PNC Financial Services of Pittsburgh, has filed with the SEC to launch a new family of funds of funds using the funds and investment capabilities of its investment advisory affiliate BlackRock, Inc. of New York. The funds will cater to the needs of affluent investors.