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While John Glenn is making news for NASA as the oldest man to travel into space, a new fund adviser in Los Angeles is hoping that a NASA scientist will make news for its new small-cap quant fund.

Five months after buying Jack White & Co., Waterhouse Securities will combine Jack White's Advisor Services division with the Waterhouse Investment Adviser Services unit. The two will officially join on January 1, 1999 and be known as Waterhouse Institutional Services.

PNC Bank has made several improvements, including the addition of new fund families, to Vested Interest, its bundled 401(k) product.

Scudder Kemper Investments has received permission from the Korea Development Bank to co-manage a corporate restructuring fund that will finance small- and medium-sized Korean businesses. Scudder Kemper Investments will invest approximately $250 million of the closed-end Corporate Restructuring Fund in equity and fixed-income securities of small and medium-sized Korean companies.

The performance of 78 percent of the approximately 500 existing closed-end funds will most likely soon be published daily, providing a boost to the popularity of the product.

In an effort to build its online business, Morgan Stanley Dean Witter is creating a line of proprietary index funds to be sold exclusively through its online brokerage, Discover Brokerage Direct.

Faced with growing account balances, 401(k) plan participants are increasingly demanding more help making retirement plan decisions, according to several industry experts.

John Nuveen & Co. has added 10 new equity defined portfolios to its selection of unit investment trusts.

Invesco Funds Group has added two new funds, the Invesco Endeavor Fund and the Invesco International Blue Chip Fund.

The fight between Donald Yacktman and the independent directors of his funds is likely to continue this month, propelled in part by intervention from the Securities and Exchange Commission.

Arthur Andersen and insurance broker Frank Crystal & Co. are offering a joint program to reduce risks and costs for fund industry participants.

The National Securities Clearing Corporation is set to begin testing Phase 2 of its Mutual Fund Profile System next month.

College alumni may soon be plumbed as yet another new distribution channel for mutual funds.

A publishing company that specializes in offering advice on how to invest in direct investment plans is getting into the fund business.

Prudential Investments is teaming up with BISYS to provide two new retirement plans for small businesses.

Fifth Third Bank has reached an agreement to provide custody services to Berkshire Capital Holdings of San Jose, Calif. Berkshire Capital manages one fund, the Berkshire Capital Growth & Value Fund, a start-up fund with less than $1 million in assets under management.

Roxbury Capital Management LLC of Santa Monica, Calif. has been named co-manager of the Managers Capital Appreciation Fund. It joins Essex Investment Management of Boston. Kevin P. Riley will manage the Roxbury portion of the fund.

Representatives of the mutual fund industry are moving quietly in Massachusetts to enact a law which would help define what makes a mutual fund director independent, an increasingly contentious issue.

The practice of paying brokers fees to reward them for maintaining assets under management for as long as possible may be resurfacing even as regulators weigh whether the practice warrants increased oversight.

The stable asset advisory and consulting unit of Laughlin Group of Companies of Beaverton, Ore. is merging with Dwight Asset Management of Burlington, Vt.