Money Management Executive Latest News

If Putnam Investments of Boston creates an Internet fund, a possibility furthered by the creation of a partnership with money manager Thomas H. Lee this summer, Internet funds would be well on their way to becoming mainstream.

The Closed-End Fund Association of Kansas City, Mo. has made improvements to its web site in an effort to promote the attractiveness of closed-end funds. The changes make it easier for investors to identify high-performing closed-end funds. The site now provides lists of the 25 top funds based on five different performance criteria, the group said in a statement.

The SEC is continuing to press the money management industry on year 2000, or Y2K, computer programming and compliance issues.

Peter Lynch, vice-chairman of Fidelity Management & Research of Boston, might not tell investors to put all of their money in one basket, but Fidelity Investments is doing just that with its television advertising dollars.

The Calvert Group of Bethesda, Md., has added a new screen on its "Know What You Own" web site mechanism, which gives investors the ability to find out if a mutual fund holds stock in companies in the firearms industry, according to a company announcement.

Two of Capital Research & Management Co.'s American Funds are asking shareholders to approve changes that would permit the funds to add B-shares. Shareholders in the Growth Fund of America and the Tax Exempt Bond Fund of America are expected to vote at meetings Oct. 27 on proposals which would permit the funds to add B-shares, according to preliminary proxy statements filed with the SEC Aug. 23. Capital Research of Los Angeles - a longtime holdout against the use of B-shares - said it might recommend adding B-shares in the future.

Alliance Capital Management LP of New York received a 10 percent repayment from General American Life Insurance Company of St. Louis, Mo. for General American funding agreements that Alliance holds in four of its mutual funds, Alliance has announced.

Morgan Stanley Dean Witter of New York announced last week that it would supply non-Japanese mutual funds and other investment trust products to Sanwa Bank of Tokyo to be distributed throughout Japan. The venture will allow Morgan Stanley to take advantage of Sanwa's broad distribution and client relationships and will give Sanwa access to Morgan Stanley's asset management and product development capabilities, Morgan Stanley said in a statement. Morgan Stanley will also provide Sanwa with sales support, the company said.

The first Internet fund has grown up.

The Internet Fund is seeking to reorganize as a Maryland corporation.