Money Management Executive Latest News

Munder Capital Management of Birmingham, Mich. filed a registration statement May 9 for a new closed-end Internet fund, the Munder @Vantage Fund.

Aegon USA/Transamerica of Los Angeles has formed a new investment management company, principally to give equity interest in the new company to the portfolio managers and other key executives formerly with Transamerica Investment Services, said Richard Latzer, chief executive officer of the new investment advisor, Transamerica Investment Management.

No-load mutual funds serve two very different types of investors, a new study shows. On the one hand, 37 percent of no-load mutual fund investors, who have invested for an average of 13 years or more years, consider themselves well-informed and are self-directed. On the other hand, 63 percent of no-load fund investors who have owned mutual funds for an average of seven years or less, say they have only basic or limited knowledge and welcome personal advice, the study shows.

Website content is the biggest challenge mutual fund companies face in making their websites attractive to customers and financial advisors, executives agreed at a technology conference sponsored by The National Investment Company Service Association held here earlier this month.

Dreyfus Corp. agreed May 10 to pay nearly $2.7 million to settle charges related to how it allocated and disclosed its practices on initial public offerings for the Dreyfus Aggressive Growth Fund.

A dentist in Miami Beach, Fla. is planning to offer a buy-and-hold mutual fund with a value orientation.

Sixty-eight percent of investors rely, at least in part, on advisors to manage their money, according to a Fidelity survey.

The no-load Quaker Family of Funds of Valley Forge, Pa., wants to switch to selling its six funds with a sales charge.

RunMoney.com, an Internet-based investment adviser, last week began offering customized individually- managed accounts online.

If legislation passed last week by the Florida senate is signed by the governor, Florida would produce nearly 600,000 new potential defined contribution plan customers, according to Malcolm Campbell, vice president and chief counsel for government relations of TIAA-CREF.