Money Management Executive Latest News

A handful of mutual funds that invest in the securities of Taiwanese companies were slow to respond after an earthquake forced the closing of the Taiwan stock market for a week, said Paul Roye, director of the SEC's division of investment management.

Pilgrim Baxter & Associates of Wayne, Penn., which had been for sale, has now been taken off the auction block, according to a firm spokesperson.

The Alger Fund of Jersey City, N.J. has begun broadcasting faxes and e-mails every Monday morning to the 7,000 financial intermediaries who sell the fund. The e-mails and faxes notify them of the fund's latest estimates of its year-end capital gains and distributions.

Orbitex Financial Services Group of New York, parent to the investment adviser of the Orbitex Group of Funds, has acquired Clarke Lanzen Skalla Investment of Omaha, Neb., the company announced.

Liberty Funds Group of Boston has completed its year-long integration of its subsidiaries, Colonial Management Associates of Boston and Stein Roe Mutual Funds of Chicago.

Participants in corporate defined contribution plans serviced by Fidelity Investments of Boston are saving an average of seven percent of their income, Fidelity has found.

Fidelity Investments and Stein Roe Mutual Funds, both of Boston, and Ariel Mutual Funds of Chicago were recently cited for the excellence of their communications by the Mutual Fund Education Alliance of Kansas City, Mo. The alliance announced these honors as part of its third annual awards for excellence in shareholder communications.

The mutual fund arm of Bank of America of Charlotte, N.C. plans to offer three new funds next year, according to a registration statement that the Nations Funds Trust filed with the SEC Oct. 25. The funds include the Nations Mid-Cap Index, High Yield and Kansas Intermediate Municipal Bond funds, according to the registration statement. Banc of America Advisors of Charlotte will advise the funds. The Nations Funds family already includes over 60 funds.

American Skandia Life Assurance of Shelton, Conn., announced that its family of American Skandia Advisor Funds attained $3 billion in assets on Sept. 27.

WASHINGTON - The SEC will continue to pay attention to mutual fund advertising, but it is potential scrutiny of fund ads by plaintiffs' lawyers that is giving some industry participants pause.