Money Management Executive Latest News

Hartford Life of Simsbury, Conn., is expanding its mutual fund business into Canada and is offering seven new funds in the Canadian market, the company has announced.

Delaware Investments of Philadelphia has promoted Joshua Brooks to senior vice president and deputy to the chief executive officer, Charles Haldeman, Jr. Brooks was previously senior portfolio manager of Delaware's emerging markets and small-cap funds.

A former SEC lawyer and the Consumer Federation of America are employing a little-used tactic that could compel disclosures by fund companies unheard of in recent years, according to fund industry lawyers.

Mutual fund directors' compensation, which has been criticized for being excessive, rose by 9.1 percent in 1999, according to a new study.

The SEC is considering changes in a proposal - strongly opposed by some fund companies - designed to stop firms from contributing to government officials in an effort to win business managing government employee pension plans.

TORONTO - AMVESCAP's $1.8 billion deal to acquire Trimark Financial of Toronto, the biggest fund-company takeover in Canadian history, changes the industry's pecking order and accelerates the trend toward increasing foreign ownership.

The Pioneer Group of Boston issued a proxy statement last week saying the firm had received a second round of bids from prospective buyers and urging shareholders to support the existing board in a proxy vote May 16, to insure that a newly elected board does not jeopardize a sale.

There are indications that, despite the high market volatility in April, investors did not panic and that as much as $34.3 billion in net new money flowed into equity funds.

John Rekenthaler, research director of Morningstar of Chicago, has been an observer and occasional critic of mutual fund industry practices in his online columns for the fund tracking firm at Morningstar.com. Rekenthaler, who will speak on investment advice at the Investment Company Institute's general membership meeting this week in Washington, D.C., discussed fund industry issues with Mutual Fund Market News reporter Mike Garrity. An edited account follows.

Retirement calculators used to be all the rage on mutual fund websites. But, compared to the type of features that are popping up on fund sites these days, those retirement calculators are practically passe.