Money Management Executive Latest News

Despite an average 14 percent decline in performance among science, technology and telecommunications funds during April, fund companies continue to introduce technology funds. The average mutual fund declined 3.3 percent in value during April.

Nationwide Financial Services of Columbus, Ohio, is adding eight regional marketing directors to increase sales of its "Best of America" fund products through independent financial planners, the company said.

Oppenheimer will offer a long-term capital-appreciation mutual fund to invest in U.S. and foreign emerging technology companies with significant growth potential, according to an April 25 filing with the SEC. Oppenheimer Emerging Technologies Fund will focus on companies involved in bandwidth, technologically advanced data transmission, telecommunications, and wireless and satellite communications.

Fifty-six percent of American households lag in saving for retirement, according to a Federal Reserve economic survey commissioned by the Consumer Federation of America and DirectAdvice.com.

Jim McCaughan has joined Credit Suisse Asset Management of New York as chief executive officer for CSAM/Americas. McCaughan was previously president and chief operating officer of Oppenheimer Capital of New York.

The SEC appears to have succeeded with its appeals to the mutual fund industry to limit redemption fees to two percent.

A written agreement that established specific guidelines on how a market timer could time investments in AIM Asset Management's funds is the subject of a lawsuit filed by the market timer against AIM's transfer agent.

BOSTON - A form of mutual fund style drift is now being examined by the Securities and Exchange Commission in its review of mutual funds and their performance advertising practices.

Fund flows dropped dramatically in March from the first two months of the year and markets went on a roller coaster ride in April. But that does not necessarily mean fund flows will sink further in coming months, according to some industry analysts.

Investors' enthusiasm for index funds has not evaporated, but it subsided notably in March.