Money Management Executive Latest News

The Vanguard Group of Valley Forge, Pa., announced that the board of directors of its Vanguard Capital Opportunity Fund has raised the fund's minimum initial investment from $3,000 to $25,000 for new accounts in an effort to curb rising inflows into the fund.

Kendrick Kam and his new firm, Ingenuity Capital Management LLC of Los Altos, Calif., may add new value-oriented funds in the medical technology sector, according to a proxy statement the firm filed with the SEC Sept. 16. The funds would join Ingenuity's Medical Specialists Fund.

Prompted by a change in Australian tax laws, Merrill Lynch Asset Management of Princeton, N.J., has begun offering 11 U.S. mutual funds in Australia. Merrill Lynch Asset Management will manage the funds and Merrill Lynch Private (Australia) Ltd. will distribute them.

ND Money Management of Minot, N.D. is asking shareholders in three funds to allow the funds to add new classes of shares in an effort to increase sales. The Montana Tax-Free Fund, the ND Tax-Free Fund and the South Dakota Tax-Free Fund want to add class A, C and R shares. The proposal comes in response to requests from intermediaries who sell the funds, said Robert E. Walstad, president of ND Holdings. Some brokers want A shares as an alternative to the fund's existing back-end load shares, which will be designated as B shares, Walstad said.

New England Funds of Boston, an affiliate of Nvest, has named two new sales executives. Kirk Williamson is now senior vice president and national sales manager. He was previously senior vice president and national sales manager for the bank channel at Fidelity Investments of Boston. Daniel Lynch has been named vice president for inside sales. Lynch was previously sales director at State Street Research & Management of Boston. Both Williamson and Lynch report to John Hailer, executive vice president and managing director.

Mutual fund companies are taking steps to attract a share of the small but growing group of mutual fund investors who want tax-efficient funds.

A tight labor market in the mutual fund industry is creating new business for courtroom lawyers - filing suit on behalf of money management firms to enforce the non-compete provisions in executives' employment agreements.

There may come a time when the U.S. Postal Service seems nearly as antiquated to the mutual fund industry as the Pony Express does now.

SAN DIEGO, Calif. - Mutual fund companies are beginning to offer new types of funds - and even other kinds of investment products altogether - to remain competitive, said mutual fund executives at a recent industry conference.

Citigroup of New York is developing an unusual Internet fund that will be traded on the American Stock Exchange.