MFMarketnews.com is keeping abreast of the industry's latest developments with postings twice a day. If you didn't log on last week here are some Web exclusives you missed:
* SEI Investments announced the launch of "Tax-Loss Harvesting," a tax management tool available to financial advisers in SEI's Advisor Network. The program allows investors to realize losses by moving assets from an SEI mutual fund portfolio into a newly designed tax allocation portfolio, which will also be comprised of SEI funds. It will allow investors to realize losses to offset capital gains incurred in 2001 and ordinary income up to $3,000.
* The market for 529 college savings plans is expected to grow at a compounded rate of 50% each year, reaching the $51 billion mark in the next five years, according to a report released this month by Cerulli Associates, a Boston consulting firm. The report, "The state of the College Savings Market: 529 Plans in Perspective," said that 529 account sizes will remain relatively small through 2006, growing to about $15,600 during that time. Currently, about 70% of accounts are less than $5,000.
* Dreyfus Funds will be offered at Citizens Bank branches in New England and the mid-Atlantic states through Citizens' broker dealer Citizens Financial Services. Dreyfus is a subsidiary of Mellon Financial Corp., which recently agreed to sell its retail and small-business banking businesses to Citizens. Citizens has made available to its customers nearly 70 fund families' offerings, including Putnam, Fidelity Investments and MFS.