Money Management Executive Latest News

The SEC is considering a rule change that could save mutual funds millions of dollars each year by creating a new, abbreviated mutual fund document that would take the place of lengthy fund prospectuses under some circumstances.

Investa Management of New York is planning to introduce two new no-load funds. One of them is an index fund that will attempt to beat the returns of the S&P 500 by using a proprietary options strategy, according to an SEC filing.

Deep Discount Advisors of Asheville, N.C. has submitted to the SEC an opposing proxy statement to replace the directors of the Global Small Cap Fund of New York, despite what appears to be an attempt by the fund to ignore the proxy, according to SEC filings.

Merrill Lynch of New York will introduce a gift tax-free family of funds designed for college saving investors, the company announced last week.

PIMCO Advisors Holdings L.P. of Newport Beach, Calif., announced that its CEO, William D. Cvengros, will leave the company once Allianz AG of Munich, Germany acquires a majority ownership in the firm.

Alliance Capital Management of New York has formed a partnership with an Argentine investment management firm to offer mutual funds to the Argentinean retail and institutional markets, the company announced last week.

A new mutual fund plans to use Internet message boards to obtain information from shareholders on the companies in which it invests, according to an SEC filing.

Robert J. O'Connell, president and chief executive officer of Massachusetts Mutual Life Insurance Company of Springfield, Mass., has been named to the additional positions of chairman of the board of directors and chairman. He succeeds Thomas B. Wheeler, who, at 63, is retiring as chairman. The appointment will be effective Jan. 1. O'Connell joined MassMutual in late 1998 after a nine-year stint at American International Group of New York.

Mutual fund advisory firms have a troubling conflict of interest that may cause them to pull their punches in some proxy votes, according to SEC Commissioner Paul R. Carey.

NEW YORK - Performance and then marketing, not advertising, are the best strategies for building a fund start-up, executives from small fund complexes said at a conference here last week.