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:
* AIM Funds Management of Toronto will propose changes to its Canadian fund lineup to maximize efficiencies with the Trimark series of funds, which AIM acquired in 2000, the company said. The firm planned to wait until after the 2002 RRSP season to make any product changes. Registered Retirement Savings Plans are tax-sheltered retirement savings plan in Canada similar to IRAs in the U.S.
* The state of Pennsylvania has chosen Calvert Group, which offers socially responsible mutual funds, to participate in its 529 college savings plan. State treasurer Barbara Haver said that the new 529 program will offer two Calvert products, a bond fund and a stock fund, as well as products from Delaware Investments. Delaware Investments was selected to manage the 529 program in January.
* Following a trend in the small-cap fund sector, AIM Advisors, Inc. a subsidiary of AIM Management Group, announced that it will close its small-cap growth fund March 18. The fund had approximately $1.1 billion in assets under management as of March 4. The product originally closed Nov. 8, 1999, but re-opened Aug. 20, 2001 when new investment opportunities arose in the small-cap universe, the company said in an announcement. AIM will re-close the fund to maintain its ability to efficiently operate and move in and out of small-cap stocks.
* Phoenix Investment Partners has joined up with LJH Global Investments, a Naples, Fla.-based hedge fund advisor to create a registered fund of hedge funds product for individual investors. The investment minimum for the new product has not yet been determined, Don Segalas, executive VP of Phoenix's alternative investment group indicated that it would probably be in the $25,000 to $100,000 range.
* Americans could save as much as $39 billion this year in their IRA accounts, according to a report released by Fidelity Investments. That's nearly $8 billion more than they are expected to have put away for the 2001 tax year, the report said.
Fidelity said investors are increasingly taking advantage of new tax laws that went into effect in January.