Money Management Executive Latest News

The president of the $105 million closed-end Mentor Income Fund, turned up the heat on a simmering proxy battle

Janus Funds of Denver last week closed its $50 billion Janus Fund to new investors, according to the company. The company also filed a registration statement with the SEC last week for a new fund, the Janus Fund 2, according to Shelly Grice, spokesperson for Janus.

MetaMarkets.Com of San Francisco filed with the SEC Sept. 8 for a new fund that will invest in IPO's and new companies involved in developing products the company believes will lead to technological, social and economic change, according to the SEC filing.

The SEC adopted new rules last week regarding the electronic filing of form ADV that will require all advisers to begin filing Part I of the form electronically by January 2001, the commission announced.

Scudder Kemper Investments of New York has established a new Singapore office which will serve as the Asia-Pacific Basin investment management hub for Scudder Kemper's institutional and retail investment products. The new wholly-owned unit will operate under the Scudder Investments Singapore Limited name. The company announced the new office last week.

Persumma Financial of Lexington, Mass. will introduce a 401(k) management service, according to Francois Delvaux, marketing director at Persumma Financial. MassMutual Financial Group of Springfield, Mass. and Nextera Enterprises, management and technology consulting services of Lexington, Mass. formed Persumma Financial, a third company, in March.

Alliance Capital Management of New York has disclosed that its recently requested advisory fee increase for the $4.7 billion Alliance Growth & Income Fund was vetoed by the fund's board of directors. The board recommended that fund shareholders approve a more modest fee increase.

Firstar Funds of Milwaukee has filed a proxy statement with the SEC to merge three fund families. The directors of Firstar Funds, Mercantile Mutual Funds, and the Firstar Stellar Funds approved a plan this summer to combine the three fund families to form Firstar Funds, according to the filing.

Nvest Funds of Boston has named Robert J. Dufresne vice president of product management and development. Dufresne will be responsible for all new product development. Dufresne was formerly the vice president of product management and development for Evergreen Funds of New York where he was responsible for developing the management strategy of more than 70 mutual funds.

Putnam Investments of Boston has struck an alliance with a Toronto-based money manager to enable it to pick up the pace of its expansion in the Canadian market.