Money Management Executive Latest News

The SEC is looking into how fund companies process money earmarked for closed funds, said Cindy Fornelli, an advisor to Paul Roye, director of the SEC's division of investment management.

American Express of Minneapolis and Wells Fargo of San Francisco have agreed to distribute each other's annuity and mutual fund products through their retail channels, said Lynn Abbott, director of strategic alliances for American Express.

The Ivy Funds of Boca Raton, Fla., is asking shareholders to merge three of the group's 19 funds to eliminate overlaps in the Ivy Funds' offerings.

Hussman Investment Trust of Cincinnati, Ohio, filed a prospectus with the SEC April 21 to offer the Hussman Strategic Growth Fund.

Venus Capital Management of Boston last week filed with the SEC to introduce a new fund, The India Technology Fund.

Another company is making it possible for investors and their advisors to determine what is in their portfolios on a day-to-day basis.

Wade has been elected to the board of T. Rowe Price Associates of Baltimore. He is vice chairman and chief executive officer of Rowe Price-Fleming International, a joint venture between T. Rowe Price and Jardine Fleming Ltd. of Hong Kong.

Regulatory pressure and recent volatility in the securities markets are causing mutual fund companies to add new language to advertisements that promote the investment performance of their funds.

Although assets in socially-responsible funds have grown from $1.185 trillion in 1997 to $2.16 trillion in 1999, socially-screened funds are under-represented in 401(k) plans, said mutual fund industry executives.

The SEC has outlined steps fund companies and corporations can take to reduce their chances of being sued by regulators if a company provides a hyperlink from its own corporate website to that of a third party whose website contains inaccurate or incomplete information.