Money Management Executive Latest News

Countrywide Credit Industries of Calabasas, Calif. has launched a new financial services unit just 12 months after selling its Countrywide Financial Services unit and the unit's proprietary 16-fund, $1.3 billion mutual fund family to a subsidiary of Western-Southern Insurance Co. of Cincinnati.

Two of the U.S.-domiciled funds of Julius Baer Group of Zurich will be among the first bank-sponsored mutual funds to register as investment advisers with the SEC as a result of new requirements in the Financial Modernization Act, according to SEC filings.

State Street Research of Boston has announced that it will increase its sales force by more than 50 percent. The increase, from 19 to 29, is part of an overall restructuring of its retail national sales operation, the company said.

The Vanguard Group of Malvern, Pa., won seven of 12 possible awards given this year by the Mutual Fund Education Alliance of Kansas City, Mo., for excellence in shareholder communications.

Pioneer Investment Management of Boston has launched the first phase of a new multi-media advertising campaign which will run through the end of this year. The new campaign includes print ads, drive time radio spots, and outdoor billboard advertisements that will run in 14 commuter locations nationwide. The campaign will also include two 30-second TV commercials that will mark Pioneer's first major retail television advertising campaign.

toronto - An Investment Funds Institute of Canada committee is drafting recommendations for an industry- financed contingency fund that would provide limited protection to investors from manager wrongdoing.

toronto - Firms seeking to expand globally better be prepared to wait for their efforts to pay off, and expect regulatory complications. That was the consensus of fund executives taking part in a panel discussion on industry globalization, held at the Investment Funds Institute of Canada annual convention in Toronto late last month.

Nathan Most has always been willing to take on problems that on the surface appeared to be mundane. But as the former physicist has delved into each challenge, he often found himself at the forefront of an astounding development, anything from inventing sonar to detect enemy German submarines during WWII to masterminding the Spider, the first exchange-traded fund.

BOSTON - Although the mutual fund industry, with 10,000 funds on the market, has been called glutted, some fund consultants say that fund companies must introduce yet more mutual funds if they want to continue to attract assets.

Terry K. Glenn, president of Merrill Lynch Funds of Merrill Lynch Investment Management of New York, has been elected chairman of the Investment Company Institute of Washington D.C., the institute announced.