Money Management Executive Latest News

Some fund companies are turning to outsourcing their transfer agent service, saying doing so is more economical than doing it in house.

The drop in mutual fund assets, caused by the rough waters that local capital markets are currently sailing through, is forcing fund managers to intensify their efforts to develop the best products for overcoming the crisis.

Following authorization by the Chilean Securities and Insurance Superintendent for mutual fund investors to subscribe and redeem shares over the Internet, a fierce struggle has broken out to capture this potential new market.

Finaccess, the first independent, 100 percent foreign-owned mutual fund management company, has begun operating in the Mexican market, with the goal of building a portfolio of US$150 million by the end of its first year of operations.

Nuveen Investments of Chicago has filed with the Securities and Exchange Commission for eight new closed-end exchange-traded municipal bond funds, according to Nuveen.

Alliance Capital Management of New York has announced that the stockholders of the ACM Government Income Fund, with over $474 million in assets under management, have approved the acquisition of three other Alliance closed-end bond funds - the ACM Government Securities Fund, the ACM Government Spectrum Fund, and the ACM Government Opportunity Fund, which have combines assets under management of over $955 million.

PFPC of Wilmington, Del. plans to open an office in Luxembourg next month. The office will provide transfer agency and administrative services to offshore funds. PFPC already has global fund servicing operations in Dublin and Grand Cayman, the Bahamas. Funds based in Luxembourg must maintain their central administration within that country.

MFS Investment Management of Boston has announced several management changes scheduled to become effective Jan. 1.

In an effort to improve online interaction with consumers, the website of Pioneer Investment Management of Boston is offering "Financial CyberGuides" which, much like real advisors, listen and respond to investors' questions.

United Asset Management of Boston filed a preliminary proxy statement with the SEC Nov. 9 seeking to liquidate the TS&W International Octagon Portfolio, which is managed by its affiliate, Thompson, Siegel & Walmsley of Richmond, Va.