Money Management Executive Latest News

Skandia Savings and Life Assurance Company of Stockholm has opened ten new funds in its own variable capital investment company, Multi-Link Global Funds plc of Dublin, Ireland, according to Skandia. The funds will be managed by external investment advisers.

State Street Research of Boston has named four executives to head State Street Retirement Services, a new group that will develop new retirement products and marketing materials for brokers, plan sponsors and participants.

DENVER - Hundreds of fund executives converged here for Schwab's IMPACT 2000 conference, laden with sales brochures and every imaginable trinket and each intent on expanding his network of financial advisors. Despite their appeal though, the funds' performance-touting brochures and plastic baubles could not wrest advisors' attentions away from separately-managed accounts.

A study released last week that includes a list of the top 20 fund websites changed its selection methodology for the second straight year, a factor that may have contributed to four firms being dropped from the list, said Lee Kowarski, a consultant with kasina LLC of New York, the technology consulting firm that conducted the study.

CHICAGO - The U.S. Securities and Exchange Commission is not likely to back down on its pending controversial after-tax performance requirement. This was the impression that Susan Nash, the SEC's associate director of the division of investment management, gave at the Investment Company Institute's tax and accounting conference here last week.

With the bank loan fund marketplace maturing and expanding, advisers appear to now be willing to launch open-end bank loans funds that offer investors something they have never had before - daily redemptions. Up until now, quarterly, or at best, monthly redemptions had been the only option.

CHICAGO - The SEC will be focusing on issues concerning independent directors, a new audit guide, a two percent decrease in capital gains taxes, international SEC examinations and proper valuation, according to SEC officials and industry executives at the ICI tax and accounting conference here last week.

CHICAGO - Best execution of a trade is increasingly elusive, as options for purchasing securities expand. This was the consensus of executives who addressed the Investment Company Institute's tax and accounting conference here early last week.

CHICAGO - The SEC has stepped up its routine fund examinations from once every ten or 15 years to every five, said Gene Gohlke, associate director of the SEC's office of compliance, inspections and examinations. Gohlke spoke on a panel about SEC examinations during the ICI tax and accounting conference here last week.

First Union Corp. of Charlotte, N.C. has formed a partnership with Stephen Dalton, current manager of the Evergreen Select Secular Growth Fund, to form ForeFront Capital Advisors, a minority-owned institutional money management firm that will be based in Philadelphia.