Money Management Executive Latest News

In what is perhaps a unique move, AIM Funds recently decided to hire the same advertising agency as its sister fund company, INVESCO, although both firms say that their ad campaigns will be distinct and tailored to their own needs.

In the wake of its acquisition of Bankers Trust Corp. of New York in June, Deutsche Bank of Frankfurt, Germany, is taking steps to merge its U.S. fund operations.

It won't be long now before investors will be able to open a mutual fund account online without any paperwork.

Asked what her firm's plans are for the future, Merrillyn Kosier, the new senior vice president and director of mutual fund marketing for Ariel Capital Management says, in effect, "today Chicago, tomorrow the country."

Wafra Investments Advisory Group and Brown Brothers Harriman, both of New York, recently opened the Wafra/BBH & Co.-Dow Jones Islamic Index Fund, which will be offered to investors outside the United States and non-U.S. citizens.

Neuberger Berman of New York announced recently that it will be going ahead with its plans for an initial public offering. For the time being, the market for such offerings seems good, but industry experts say that the rosy outlook might be only temporary.

"I've got to be like a bulldog," says Philip Goldstein, hedge fund manager and shareholder activist. "Fund company mangers may call me vexacious . . . but it doesn't bother me. I've got thick skin, and I'm going to continue to fight for shareholders' rights. Management thinks of themselves as lords and shareholders as serfs, but shareholders are the ones who actually own a fund," Goldstein adds with a gleam in his eye. "They hate annoying shareholders like me."

The future of the mutual fund industry will not be as patrician as its past. The U.S. is becoming less white, and the percentage of homes in which English is the first language diminishes all the time. Minorities like Hispanics and Asians make up an increasing percentage of the population.

Fidelity Investments Institutional Services Co. of Boston wants to expand sales of its 401(k) and other defined contribution products through financial advisors with new enrollment materials designed to be more attractive and comprehensible than the materials they replace.

The Domini Social Equity Fund reached the $1 billion in assets under management landmark, thanks largely to retirement plan growth. Thirty percent of the fund's net inflows have come through retirement plans over the past year, according to officials at Domini Social Investments of New York.