Money Management Executive Latest News

Fidelity Investments of Boston has begun construction of a new facility in Marlborough, Mass. to accommodate an additional 2,000 employees, the company announced.

Argentina - Despite heavy pressure exerted not only by the Argentine Mutual Fund Association, the AFJP Association and the Private Pension Fund Management Association (ASAP), but also by many of the affected banks, the Argentine AFJP Superintendent has announced its intention to stand firm on most of the language contained in Instruction 018, which imposed severe restrictions on pension fund investments in local mutual funds.

MAXFunds.com of Ann Arbor, Mich., an online mutual fund analysis firm, has acquired the mutual fund information site, Findafund.com of Los Angeles, for an undisclosed price, according to MAXFunds.com. The sites will be combined into one that will provide comprehensive fund coverage, said Rick Baggenstoss, director of marketing at MAXFunds.com.

Founders Asset Management of Denver, adviser to the 11 Dreyfus Founders Funds, has fined tuned its Code of Ethics which governs when and how employees may make personal securities trades. The disclosure was made in a prospectus amendment filed with the SEC Sept. 1.

Morgan Asset Management of Memphis, Tenn. is asking shareholders of its $78 million Morgan Keegan Southern Capital Fund to broaden the universe of companies the fund can invest in and transform the fund into the Morgan Keegan Select Capital Growth Fund.

Net sales of long-term equity and fixed-income mutual funds were down 29 percent in July, according to Financial Research Corp. of Boston.

Credit Suisse Group of Zurich, Switzerland has agreed to purchase Donaldson, Lufkin & Jenrette of New York for $11.5 billion, or $90 a share, the companies announced last week.

Closed-end fund shareholder Philip Goldstein has charged that the board of directors of the Dresdner RCM Global Strategic Income Fund is out of touch with the interests of shareholders because board members are unwilling to open the fund.

MetaMarkets.com of San Francisco has added E*Trade of Menlo Park, Calif., Fidelity Investments of Boston and USAA Insurance of San Antonio to its network of distribution partners for OpenFund, its interactive mutual fund managed live on the Internet, said Duff Ferguson, spokesperson for MetaMarkets.com. MetaMarkets.com now has 16 distribution partners, Ferguson said.

A restructuring of the two broker-dealer distribution arms of AIM Management Group of Houston will eliminate several positions and require some employees to take on different roles with the firms, said Ivy McLemore, a spokesperson for the company.