Money Management Executive Latest News

For what appears to be the third time in a year and a half, Stewart R. Horejsi, the closed-end fund activist of Salina, Kan. has set his sites on dominating and transforming a third closed-end mutual fund.

Olin is campaigning for a proxy vote that would fire Alliance Capital Management of New York as advisor to the Austria Fund, according to an SEC filing.

K. Michael Hudnall has been charged with a task that will send him traveling to more than a dozen countries over the next year on what he calls a "fact-finding mission." But the way Hudnall describes his new position sounds more like detective work, and Hudnall says it could not be more exciting.

Alliance Capital Management LP of New York is tapping two of its hot fund managers to run a new fund. Alliance plans to offer its second value fund, the Alliance Disciplined Value Fund, according to a registration statement the fund filed with the SEC Nov. 3. The fund will be a so-called "deep value" fund, investing in the securities of companies that portfolio managers Paul Rissman and Frank Caruso believe are undervalued. Rissman and Caruso manage the Alliance Growth & Income Fund, which has four stars from Morningstar, the Chicago fund-rating firm.

Maybe you have logged on to Priceline.com to find a hotel in the right location and at the right price. Or maybe you have customized news from across the globe delivered right to your desktop. These conveniences are brought to you by "intelligent agents" that, based on criteria you specify, seek, sort, and select information from the Internet, and present it to you in neat, personalized packages.

An ex-lawyer in Houston, Texas plans to add another fund to the Internet category.

Only defined contribution plan sponsors at large companies with 1,000 employees or more tend to be knowledgeable and aggressive about selecting and monitoring their employees' retirement plans, according to a consultant to plan sponsors.

Mutual fund service providers are too slow in adapting to changing technology and business practices, according to financial intermediaries, including fund supermarkets, banks, and financial planners.

You could almost hear the collective lip smacking of traditional brokers in recent weeks when the Dow Industrial Average tumbled back down towards 10,000. Traditional brokers have repeatedly claimed that a bull market has made Internet investors look smart these past few years, and that buying and trading online has been easy because there have not been many tough investment decisions to make.

State Street Research & Management Company of Boston will ask shareholders of 18 funds to permit the funds to increase their 12b-1 fees on Class A shares by as much as 15 basis points, according to an SEC filing. The filing was made Nov. 5. The vote would be Feb. 25.