Money Management Executive Latest News

A new technology fund that promises to invest in Internet companies, is also socially responsible, putting it in a class of its own among technology funds.

Charles Schwab Investment Management of San Francisco is taking steps to provide more investment flexibility for the managers of Schwab's four MarketManager funds of funds.

Mutual fund boards have come under close scrutiny lately by regulatory and trade groups such as the SEC and Investment Company Institute.

Independent mutual fund directors must provide more information about themselves and, in some cases, their families but also stand to receive valuable protection if the SEC eventually adopts new and revised rules and guidelines that the agency proposed last week.

American Express Financial Advisors of Minneapolis, Minn., has announced it will start an online brokerage service called American Express Brokerage sometime this fall. The service will sell more than 2,000 mutual funds from 260 fund families.

The Dreyfus Corporation of New York announced it is running a new series of television and print advertisements using Dreyfus' lion icon and the firm's new "Lion Rules" of investing.

Legg Mason of Baltimore, Md., has announced it has entered into a joint venture with Bingham Dana LLP, an international law firm based in Boston, to offer investment management and trust administration services for Bingham Dana's clients.

AIM Management Group of Houston, Texas is the latest broker-sold mutual fund company to allow retail shareholders to buy and exchange fund shares through its web site.

Variable annuities which use outside money management firms - as opposed to those which only offer the sponsor's own money management team - now account for 36 percent of the assets under management in variable annuities, according to Financial Research Corp. of Boston, a financial services tracking and consulting firm.

Two leading mutual fund companies and two brokerage firms are collaborating to develop an electronic communications network (ECN), yet to be named. The trading divisions of Fidelity Investments of Boston and Charles Schwab Corporation of San Francisco are joining with the DLJ and Pershing affiliates of Donaldson, Lufkin & Jenrette of New York and Spear, Leads & Kellogg of New York to form a new ECN.