Money Management Executive Latest News

T. Rowe Price Associates of Baltimore will pay $780 million in cash to buy out Robert Fleming Holdings, Ltd., of London in the firm's joint venture, Rowe Price-Fleming International of Baltimore.

Scudder Kemper Investments of Boston planned to launch a new advertising campaign April 17 on national cable stations and in newspapers and magazines. The campaign will encourage investors to prepare financially for key life events.

Frank "Quint" Slattery is leaving Pilgrim Baxter Associates of Wayne, Pa., and his post as fund manager to the PBHG Select Equity Fund and the PBHG New Opportunities Fund to "pursue other opportunities," the company announced earlier this week. A team of portfolio managers headed by Gary Pilgrim, chief investment officer, will manage both funds.

The Evergreen Family of Funds, the proprietary fund family of First Union Bank in Charlotte, N.C., plans to ask shareholders to approve the merger of nine of the group's smaller equity and fixed-income funds into larger funds with similar objectives. The proposal, which will be mailed to shareholders by the end of May, was made public in documents the Evergreen Funds filed with the SEC earlier this month. Shareholders will vote at a meeting in mid-July.

The Investment Company Institute ran full-page ads last week in four national newspapers addressing the market volatility of recent weeks.

The FBR Family of Funds of Arlington, Va., has arranged to retain Charles Akre, the departing portfolio manager of the $13 million FBR Small Cap Value Fund, as the sub-adviser to the three-year-old fund.

Most investors - 88 percent - continue to believe in long-term investing, according to a survey conducted April 6 by Charles Schwab & Co. of San Francisco in response to sharp fluctuations in the Dow Jones Industrial Average and the Nasdaq Composite Index.

The number of teenagers who own mutual funds increased slightly from last year while the number of teenagers with jobs who own mutual funds increased significantly, according to a study released last week by Merrill Lynch of Princeton, N.J. Twenty percent of teenagers with jobs owned mutual funds, according to the study.

Jeffrey Neufeld has been named chief information officer at Fidelity Investments of Boston. Neufeld was previously vice president and director of technology at Citibank of New York, based in the bank's Brussels office.

It looks as if Fidelity Investments of Boston would rather switch than fight when it comes to the issue of a three percent redemption fee on one of its funds.