Mutual funds

The Presbyterian Church is creating a family of mutual funds in which its affiliated colleges, schools and congregations can invest the money they raise.

New England Financial (NEF) is creating a new computer-based personal money management tool to be known as the Electronic Money Management Account. All money placed in the account will be invested in a money market fund offered through New England Securities Corp., an affiliate.

The Hartford Mutual Funds is introducing C shares into its family of 10 mutual funds. The new C shares will pay brokers a two percent sales commission and a one percent annual trail beginning in the second year to be paid quarterly. Clients pay a one percent up-front sales load on new investments and an annual one percent 12b-1 fee on total assets. A one percent contingent deferred sales charge is assessed on redemptions within 12 months of new share purchases.

Select Advisors, Inc. has added a new product to its asset management services called Market Value Portfolio. MVP, a wrap account or group of funds sold as a package to advisers, brings together a portfolio of commission-free, passively-managed funds like index and market funds. "Since MVP performance is not dependent on an adviser's or manager's ability to time the markets or pick stocks, it's the perfect service for a particularly volatile stock market," said Jack Waymire, president and chief executive officer of SAI.

The Enterprise Group of Funds has opened its first sector fund, the Enterprise Global Financial Services Fund. The subadviser will be Sanford C. Bernstein & Co. The fund is Enterprise's 14th and will invest in financial services in the U.S. and abroad, including developed markets represented in the Morgan Stanley Capital International Europe, Australia, Far East Index. No emerging markets investments will be made. The minimum initial investment is $1,000.

Even as an increasing number of Asian and emerging market funds announce plans to liquidate, merge or change their mandates because of poor returns, INVESCO is starting a new international fund, the International Blue Chip fund.

John Hancock Funds is changing the names of two of its funds. The John Hancock Sovereign Bond Fund is changing its name to the John Hancock Bond Fund, and the John Hancock Global Rx Fund is changing its name to the John Hancock Global Health Sciences Fund. The changes were approved by the board of trustees of each fund. The investment objectives of both funds will remain unchanged.

Bank of Montreal is counting on Canada's weakened currency for the success of the three latest additions to its First Canadian family of funds. Launched on Oct. 2, the U.S.-dollar-denominated funds are designed for investors who are looking to hedge their currency bets through diversification. The funds include a money market, a bond and an equity index fund. The bond fund will invest in U.S.-government debt and the index will track the S&P 500 total return index.

Fidelity customers will be able to check stock and mutual fund quotes by phone using Fidelity Investment's speech recognition system. By October, customers will be able to call Fidelity's automated line, say the name of the stock, mutual fund, index or option over the phone and receive an updated quote.

American Skandia has added three new funds to the American Skandia Advisor Funds family. The new funds are: the ASAF Marsico Capital Growth Fund, which is managed by Tom Marsico.; the ASAF Neuberger&Berman Midcap Growth Fund, managed by Jennifer Silver, former manager of the Putnam Ultra Fund; and the ASAF Neuberger&Berman MidCap Value Fund, which is co-managed by Michael Kassen and Bob Gendelman.

AIM Advisors, Inc., will be folding three former G.T. Global funds into the AIM Fund Family. In May, AIM's parent, AMVESCAP PLC, bought the Asset Management Division of Liechtenstein Global Trust, which operated in the U.S. as GT Global. The three funds will be merged into other funds with similar investment objectives.