Money Management Executive Latest News

An increasing number of no-load fund companies in Canada are embracing a new strategy - 'If you can't beat them, join them.' Adviser-sold funds dominate the Canadian scene and, even though competition is already intense, that is where at least some no-load firms see some of their best prospects for expanding their distribution.

In the Dec. 11 issue of Mutual Fund Market News, it was incorrectly reported that ProFunds of Bethesda, Md. is introducing six new exchange-traded funds. In fact, ProFunds plans to offer a new, exchange-traded share class on 30 existing index mutual funds.

Mutual fund companies have been bracing for a slowdown in the U.S. and global markets.

Conseco Capital Management of Carmel, Ind. has named two interim sub-advisors to manage four funds that have been managed by Conseco's CEO and president following the departure of the company's chief financial officer and three portfolio managers.

Kemper Funds of Chicago has filed a proxy with the Securities and Exchange Commission seeking to merge three of its funds with the Kemper Total Return Fund as part of the firm's initiative to change its name in 2001 to Zurich Scudder Investments.

Charitable gift funds, introduced for the first time nearly a decade ago, have gradually gained a following, spurring additional firms to add new funds. Just last week, OppenheimerFunds of New York, introduced its first charitable gift-fund, the OppenheimerFunds Legacy Program.

Even though advertising spending in the mutual fund industry has been higher this year than in previous years, the trend could abruptly reverse if the U.S. economy falters in the coming year, said financial analysts.

BOSTON - Fund companies' ability to successfully market their products in specific distribution channels will determine whether they survive in an increasingly competitive marketplace characterized by mergers and acquisitions of mid-size firms, fund executives said.

NEW YORK - As online investors become increasingly demanding, fund companies must continually upgrade their websites and adjust to those demands. That was the consensus of industry executives at a meeting here last week of the National Investment Company Service Association of Wellesley Hills, Mass. Executives discussed changing investor behavior and how companies can meet service expectations of customers who buy shares online.

The Securities and Exchange Commission has proposed a rule change that would allow a fund to purchase government securities in a syndicated offering. The SEC is requesting public comment on the Nov. 29 proposal.