Money Management Executive Latest News

Technology funds delivering double-digit negative returns so far this year are actively trying to control the fallout.

Aquinas Investment Advisers of Dallas is hoping to persuade investors to make some changes to its four mutual funds. The changes are all aimed at expanding the now $200 million socially-responsible fund family which is managed according to screens based on Catholic values. Aquinas is a subsidiary of The Catholic Foundation, a registered investment adviser that manages money for religious groups.

Nationwide Financial of Columbus, Ohio surpassed both American Skandia Life Assurance Corp. and Hartford Life Insurance Company in variable annuity sales in the second quarter of this year, with $2.408 billion in sales, according to the VARDS Report of Marietta, Ga.

California Federal of San Francisco has just joined the growing number of banks offering checking accounts with a "sweep" function that invests excess money in money market mutual funds.

New York Life Investment Management of New York announced last week that its fund group, MainStay Funds Management of Parsippany, N.J., will host a pro-am tennis event to coincide with the U.S. Open. MainStay has invited 50 advisors, brokers, pension fund managers and others to participate in the first annual MainStay Invitational Aug 28th. The tournament will be held in Long Island City, New York, near the U.S. Open, in Flushing. The tournament will be held on opening day of the professional tennis tournament.

Neuberger Berman Management of New York is adding a two percent redemption fee on its Neuberger Berman International Fund for all shares redeemed after 180 days, according to an SEC filing August 15.

Joining a number of other non-financial organizations that have supported the cause, the AFL-CIO has prepared a letter for the SEC, urging better, more frequent disclosure of mutual fund holdings, according to an employee in the AFL-CIO's office of investment. The employee was not certain whether the document, which was prepared last week, had been sent.

Charles T. (Ted) Bauer, 81, the co-founder of AIM Management of Houston has given $40 million in stock to the University of Houston's College of Business Administration, the university has announced. The university's board of regents is considering renaming the business school after Bauer.

Bridgeway Capital Management of Houston has reached an agreement with Calvert Group of Bethesda, Md. to add the Bridgeway Social Responsibility Portfolio to the Calvert fund family. The fund will be renamed the Calvert Large Cap Growth Fund.

Alliance Capital Management of New York has won the bid to manage, administer and market the CollegeBound Fund, the state college tuition savings program for Rhode Island. The state announced the contract last week.