The combined assets of the mutual funds in the United States increased by $219 billion, or 3.4 percent, to $6.704 trillion in May, according to the Investment Company Institute's official survey of the mutual fund industry. Stock funds had an
This week Fidelity Investments scrapped the 3 per cent front end sales charge commonly referred to as a sales load on certain US mutual funds, including Contrafund, Contrafund II, Low Priced Stock, Magellan, and New Millennium. As a result of
Nasdaq says the NASDAQ 100 European Tracker has been listed on the Borsa Italiana and commenced trading yesterday. The exchange traded fund (ETF) is designed to track the NASDAQ 100 Index, which consists of the 100 largest non financial stocks
Mainland China's asset management market will be bigger than Hong Kong as soon as next year. Or so say Cerulli Associates, who estimate that by 2004 retail assets under management in China will stand at US$26.7 billion, while in Hong
Nationwide Unit Trust Managers, a subsidiary of the UK building society Nationwide, has renewed its contract with Mellon European Fund Services for seven years a period Mellon describes as unprecedented. Mellon will provide transfer agency and investment accounting services for
BISYS has been selected to support the private labeled Individual(k) retirement savings program launched by Equity Trust Company (ETC), an affiliate of Mid Ohio Securities which provides self directed individual retirement accounts and small business retirement plans. BISYS' Individual(k) administration
The UK regulator, the Financial Services Authority, yesterday unveiled a package of measures aimed at cleaning up the way mutual fund managers make use of past performance information in advertising. Sales of mutual funds in the UK, long driven by
BISYS has chosen Newkirk Products to provide it with 401(k) enrollment books. The new enrollment books include better participant level capabilities that facilitate the personalization of the content throughout the book, including growth illustrations, age based asset allocation diagrams, and
Fidelity Investments and Euroclear the operator of the FundSettle cross border mutual fund processing platform, have launched a same day processing service for fund distributors working with any of the Fidelity family of funds distributed in Europe. Fidelity funds are