Money Management Executive Latest News

The Charles Schwab Corp. of San Francisco is tapping the 403(b) retirement plan marketplace by adding a new 403(b) plan retirement account to its retail offerings, according to the company. The new accounts became available to investors the week of Nov. 27, according to Moe Shafroth, a spokesperson for Schwab.

The Kit Cole Strategic Growth Fund, introduced Nov. 7, is one of a few mutual funds sponsored by a woman-owned investment management firm and managed by a woman.

Fortis Investment Management, the mutual funds management unit of Fortis, the Belgian-Dutch financial group, has announced that Chinese regulators have granted it a license to open an office in Shanghai.

ProFunds of Bethesda, Md., which plans to introduce a line of six new exchange-traded funds, five of which will track the Standard & Poor's 500 Index, does not have the right to do so, according to Bill Jordan, a spokesperson for McGraw-Hill Companies of New York, Standard & Poor's parent company.

Banque Arjil et Cie of Paris will sell its entire stake of ABF Capital Management to the asset management firm's founding partners and Credit Lyonnais Asset Management, both of Paris, the companies announced.

An administrative law judge has revoked the registration to operate as an investment adviser of Piper Capital Management of Minneapolis, a unit of U.S. Bancorp Piper Jaffray, and fined the firm $2.005 million. The actions, by Judge H. Peter Young, came in an initial decision with regard to allegations brought by the Securities and Exchange Commission. The SEC's division of enforcement, in the decision, characterized the proceeding as "one of the largest and most complex it has ever conducted."

First Union of Charlotte, N.C. combined its institutional investment group, First Capital Group, with Evergreen Investments, also of Charlotte, and changed its name to Evergreen Institutional Asset Management Dec. 1. The action combined the retail mutual fund and institutional asset management divisions of First Union under a single name, according to Chad Peterson, spokesperson for Evergreen Institutional Asset Management.

Pilgrim Mutual Funds of Scottsdale, Ariz. has filed a proxy statement with the Securities and Exchange Commission seeking to merge its Pilgrim Global Income Fund into the Pilgrim Strategic Income Fund.

Gregory Khost has joined the Reserve Funds of New York as national director of sales. Previously, Khost was a senior vice president at Banc of America Capital Management of Charlotte, N.C., where he was a sales consultant for the private bank division and was responsible for separate accounts and mutual funds.

The number of fund management fee breakpoints - the level of assets at which fees are reduced - increase as funds' total assets increase, according to a study released by Lipper of Summit, N.J. The study, Mutual Fund Management Fees-2000, a report on management fee structures, is the first of its kind, according to Lipper.