Money Management Executive Latest News

The growth of non-mutual fund investment products is presenting opportunities, and some headaches, to the firms that make the products and for the organizations that are beginning to track them.

Fund companies participating in the supermarket of Fidelity Investments of Boston will soon be alerted to orders and redemptions as they occur. This is a departure from the current system in which funds must wait for end-of-day reports.

Morningstar Canada of Toronto will begin charging Canadian funds a licensing fee April 30 for the use of its name in fund advertisements, a departure from its policy for U.S. firms, according to Scott Mackenzie, vice president of Morningstar's Canadian operations.

American Express Financial Advisors of Minneapolis, Minn. is merging 15 of its no-load mutual funds into corresponding funds that carry up to five percent sales charges and a 25 basis-point 12b-1 fee, according to David Kanihan, a company spokesperson.

Equity fund inflows in February exceeded $60 billion, far ahead of the previous $40 billion record set in January, according to estimates by Strategic Insight, a mutual fund research and consulting firm in New York. The $60 billion plus figure includes inflows to variable annuity sub-accounts.

Franklin Templeton of San Mateo, Calif. has incorporated slide presentations into some of the portfolio managers' video commentaries available for financial intermediaries at its website. New portfolio manager commentaries are expected to be released monthly.

OppenheimerFunds of New York is planning to offer a new technology fund.

Industry executives believe that within five years, 19 percent of mutual fund sales will be conducted over the Internet, according to a newly-released survey by Andersen Consulting of New York and the Life Office Management Association of Atlanta, Ga.

Vanguard Group of Malvern, Pa. has closed its Vanguard Capital Opportunity Fund to new money. The closure is expected to last at least six months. No new accounts or exchange requests to purchase fund shares will be allowed. But existing fund shareholders will be able to continue investing up to an additional $25,000 annually.

Charles Schwab of San Francisco has begun offering its customers an investment advisory service to which they can gain access in person or by phone for a $400 annual fee.