Money Management Executive Latest News

There is a lot of room for improvement of European mutual fund companies' websites, according to Top 10 European Websites - Mutual Funds, a new report by kasina, an electronic-commerce consulting firm in New York that specializes in mutual funds. The report examines European market trends and conditions that have an effect on online fund investing and critiques fund websites, listing the top 10.

As financial advisors increasingly use the Internet, mutual fund companies are developing tools and services for them, according to a recent survey conducted by kasina, an electronic-commerce consulting firm in New York that specializes in mutual funds.

Mercer Bullard is the founder of Fund Democracy, a shareholder advocacy group that he started last year. Bullard is a former assistant chief counsel in the SEC's division of investment management and worked in the investment management practice of Wilmer, Cutler & Pickering, a law firm in Washington D.C. Bullard's group has aligned with the AFL-CIO, the Consumer Federation of America and other groups in an effort to increase portfolio disclosure. In an interview with Mutual Fund Market News reporter Andrew Greene Bullard discussed the industry and his plans for Fund Democracy. An edited version of their conversation follows.

Two investment advisers with websites that facilitate online community investing have disclosed plans to introduce mutual funds that will be run by individual investors, not veteran fund managers.

Total assets in mutual funds dropped in October for the second consecutive month, down 1.1 percent despite positive net flows, according to the Investment Company Institute of Washington, D.C.

In the At Deadline section of the Nov. 27, 2000 issue of Mutual Fund Market News, OpCap Advisors was incorrectly identified as a subsidiary of OppenheimerFunds. OpCap Advisors is a subsidiary of Oppenheimer Capital, which is wholly owned by PIMCO Advisors and is unrelated to the Oppenheimer Funds. We apologize for the error.

High-net-worth individuals want asset managers and investment advisers to shift their focus from wealth preservation to wealth creation while maintaining present service levels, according to a new report by Arthur Andersen of Chicago.

Charles Schwab & Co. has announced a two-year marketing agreement with Picabo Street, the Olympic ski racer. Street will be a national spokesperson for new Schwab educational and athletic programs and will appear in Schwab broadcast and print ad campaigns.

Fewer financial service firms will increase their technology budgets in 2001 compared to this year, according to a third annual survey issued last week by the National Investment Company Service Association of Wellesley, Mass.

The Enterprise Group of Funds of Atlanta fired OpCap Advisors of New York as co-manager to its Managed Fund due to poor performance, service and a divergent investment style from the fund's objective, according to a proxy statement filed with the SEC.