Results for "mutual funds"

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Funds hit by lenders’ problems

March 19, 2007

BOSTON — It’s unlikely that the crisis in the subprime-mortgage market is going unnoticed by some prominent mutual fund managers. At the end of last year, star stock picker Bill Miller of Baltimore-based Legg Mason Inc. listed the nation’s...

American: Expect flows to slow

March 5, 2007

SAN FRANCISCO — Buoyed by the firm’s popularity with financial advisers, net inflows at American Funds have dwarfed its competitors’ over the past five years. But executives at Los Angeles-based Capital Research and Management Co., which...

Advisers cool to Fidelity move to expand performance fees

March 5, 2007

BOSTON — Fidelity Investments’ plan to subject more of its adviser-sold mutual funds to performance-fee adjustments got a chilly response last week from some financial advisers who said such incentives could encourage funds to take on too...

Early returns at Magellan, Janus Worldwide promising

February 26, 2007

BOSTON — Although it is too early to tell whether their winning streaks will continue, Fidelity Magellan Fund and Janus Worldwide Fund — two large mutual funds that have struggled to beat their benchmarks of late — are off to decent starts...

Waddell coy on prospects for a sale

February 26, 2007

BOSTON — Waddell & Reed Financial Inc., an asset management firm started by two World War I pilots, is winning its turnaround battle so far, but some observers say that the upshot ultimately will be to fix it or sell it. Founded in 1937, Waddell...

For fund investors, it pays to read the fine print

February 12, 2007

BOSTON — Just because the Enron Corp. and market-timing scandals have led to greater disclosure requirements doesn’t mean that some mutual fund companies aren’t still burying some doozies in their regulatory filings, according to Russel Kinnel,...

Growth of wrap assets tops that for separates

February 12, 2007

BOSTON — Baby boomers who are retiring and rolling over their 401(k) money favor mutual fund wrap programs even though many are wealthy enough to qualify for separately managed accounts, industry observers say. Smith Barney, the No. 1 separate-accounts...

Labor Dept. targets 401(k) fee disclosure

February 5, 2007

CHICAGO — As the Department of Labor puts pressure on advisers to make 401(k) fees more transparent, some financial advisers are refunding fees to participants that they are being paid from mutual fund companies. The Labor Department plans...

Franklin Resources expanding in India

February 5, 2007

BOSTON — Franklin Resources Inc., the nation’s fourth-largest mutual fund company, boosted its head count by 229 workers last quarter, with more than 90% of that growth coming from India, where it opened a new facility last month. Franklin,...

Record IPO may bring closed-end-fund resurgence

February 5, 2007

PHILADELPHIA — The successful launch of the closed-end Alpine Total Dynamic Dividend Fund — its initial public offering raised $4.04 billion last month, making it the largest closed-end-fund IPO ever — may signal a resurgence in closed-end...

IXIS vaults onto list of top-selling fund firms

February 5, 2007

BOSTON — IXIS Asset Management Distributors LP, which saw its main sales channel dry up in 2000, has stemmed the tide of outflows and now ranks among the nation’s 10 best-selling mutual fund firms. Last year, investors put $7.9 billion more...

Thornburg unveils international fund

February 2, 2007

Thornburg Investment Management Inc. announced today the introduction of the Thornburg International Growth Fund. The fund seeks long-term growth of capital by investing primarily in equity securities from issuers around the world. Under normal...

Directors group names five new members

January 31, 2007

The governing council of the Independent Directors Council, which is part of the Investment Company Institute in Washington, today announced the appointment of five new members. The newly-elected leaders are: Lynn L. Anderson of SSgA Funds Management...

Pershing’s FundVest adds Putnam

January 30, 2007

Pershing LLC, which is based in Jersey City, N.J. and is a unit of The Bank of New York Co., today said it has added Putnam Investments to FundVest, its no-transaction-fee mutual fund platform. FundVest offers investors access to more than 1,800...

Eaton Vance ends deals with A.G. Edwards

January 30, 2007

Eaton Vance Corp. said yesterday that it will pay A.G. Edwards & Sons Inc. of St. Louis $5.6 million, or 3 cents per share, to end compensation agreements connected to six closed-end funds. Boston-based Eaton Vance was required to make recurring...

Closed-end market all but withered in 2006

January 29, 2007

IRVINE, Calif. — New issues of closed-end funds all but dried up last year. Sponsors raised just $10.6 billion, down from the $20 billion-plus per year pace from 2003 through 2005. In 2003, closed-end funds raised a record $28 billion. The...

American Century looking to acquire

January 29, 2007

BOSTON — American Century Investments is “actively looking” to acquire mutual fund assets in the $500 million to $5 billion range, said William Lyons, the company’s president and chief executive. Next month, the Kansas City, Mo.-based fund...

S&P: Top funds failed to repeat

January 29, 2007

Standard & Poor’s latest mutual fund persistence scorecard, which measures the consistency of top mutual funds, showed that in 2006 “very few” funds consistently managed to repeat top-half or top-quartile performance. For the five years ended...

INVESTMENTS IN CANADA: U.S. fund firms find Canada tough sledding

January 22, 2007

OTTAWA — Why aren’t more American mutual fund firms paying attention to Canada? After all, Canadian investors have begun flocking to such investments. “Preliminary estimates for December indicate net [mutual fund] sales reached $2.8 billion...

American Century tries to bolster sagging act

January 22, 2007

BOSTON — Faced with a wave of staff departures and significant outflows from its biggest fund, American Century Investments is scrambling to regain its footing in the $10 trillion U.S. mutual fund industry. In the first 11 months of 2006, investors...

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