Money Management Executive Latest News

April's steep decline in the stock markets drove down assets under management for many equity funds that had closed to new investments, prompting a handful to reopen.

A hearing on a request by Scudder Kemper Investments of Boston for a preliminary injunction against Robert Hoffman, Scudder's former managing director, is scheduled for May 1. A hearing was scheduled after Scudder filed a complaint in U.S. District Court April 17 alleging Hoffman is violating terms of a separation agreement he signed with the firm. If issued, the injunction would prohibit Hoffman from hiring Scudder-Kemper employees or soliciting any of its clients. A temporary restraining order to prevent Hoffman from hiring Scudder employees was issued when the complaint was filed.

Having undergone rapid growth in the last 10 years, Enterprise Group of Funds of Atlanta, with $9 billion in assets under management, has decided it is time to attempt its first major advertising campaign in its 32-year history.

Mutual fund companies and registered investment advisors need to do more to monitor the accuracy of the information on their websites, according to a top SEC official.

Merrill Lynch Asset Management of New York and HSBC of London will invest $1 billion during the next five years to create an international online banking, brokerage and mutual fund company operating in major markets around the world except the United States, the two companies announced last week.

Summit Mutual Funds of Cincinnati, Ohio, will start a "socially-responsible" index fund on June 26 that places a greater weight than its index on companies that engage in ethical business practices. But, the fund does not exclude any companies, according to an SEC filing.

The private asset management division of The Dreyfus Corp. of New York, is planning to offer 13 new funds to high-net-worth clients.

Loomis Sayles & Co. of Boston will be awarding $30,000 worth of mutual fund shares to the winners of this year's James Joyce Ramble, a 10-kilometer road race to be held in Boston April 30, said Chris Lazzaro, a company spokesperson.

State Street Global Advisors of Boston has filed with the SEC to offer eight exchange-traded funds, five of them based on the Dow Jones Industrial Average. One is based on the Wilshire REIT Index and two on Morgan Stanley technology indexes - the Morgan Stanley High Tech 35 and the Morgan Stanley Internet Index.

Following recent sharp declines in the stock market, Putnam Investments of Boston re-opened three equity funds last week that had been closed.