Money Management Executive Latest News

Chase Manhattan Bank's Global Investor Services is betting that a new service it is developing with a London financial services technology firm will help meet growing demand for fund choice among European investors.

The $104 million closed-end Mexico Equity and Income Fund's board of directors has given approval for the fund to liquidate its holdings. The fund invests primarily in equities, convertible debt securities and bonds issued by Mexican companies. The fund is co-managed by Advantage Advisers of New York, a subsidiary of CIBC World Markets and Acci Worldwide of Mexico.

A new product that combines online brokerage services for 401(k) plan participants with record-keeping software for plan sponsors was to be introduced this week, said George Tashie, executive vice president of sales and marketing for KeyTradeOnline, an online brokerage of Great River, N.Y. The product is the result of a partnership between InvestLink Technologies, an administration software developer, of New York and KeyTradeOnline.

NewRiver Investor Communications, an Internet technology company of Watertown, Mass., announced the opening of an office in Toronto last week.

Fidelity Investments Institutional Services Company, one of three major business units of Fidelity Investments of Boston, has launched a new program designed to assist advisors in broadening their roles beyond providing advice on how to invest.

Five online index mutual funds managed by Whatif Asset Management of San Francisco and sub-advised by Barclays Global Advisors, also of San Francisco, will target young professionals who are at ease using the Internet.

Pioneer Group of Boston has purchased five mutual funds in the Czech Republic currently owned and operated by Credit Suisse Asset Management's investment management unit in the Czech Republic, Pioneer Group has announced. Terms of the sales were not disclosed.

Thomas Florence has joined Morningstar Associates of Chicago as president of its institutional services division. Florence was previously senior vice president and director for Pilgrim Baxter and Associates of Wayne, Pa. Jim Wironen, formerly senior vice president of retirement services at Morningstar, has been promoted to president of its retirement services division. Wironen's division focuses on the individual investor as well as plan sponsors, while Florence's business unit serves the mutual fund, banking and insurance industries.

Mutual fund directors do a good job monitoring fund advisers on matters required by law but should expand their oversight in several ways, a recent SEC examination of fund directors' practices suggests.

StockJungle.com Investment Advisors of Culver City, Calif. is shutting the doors of its tiny online S&P 500 mutual fund and liquidating the proceeds after only four months.