The Investment Company Institute (ICI) told the Senate Committee on Banking, Housing, and Urban Affairs that it strongly supports S. 143, the "Competitive Market Supervision Act of 2001." This legislation would reduce fees on securities registrations and transactions and raise the SEC pay scale. The ICI pointed out that the excessive fees constitute "a needless tax on investors" and that, while the SEC's $422 million budget is far exceeded by its projected $2 billion in fees, while the agency loses its staff due to uncompetitive wages. (added 2/14)

President George W. Bush has designated Laura S. Unger as Acting Chair of the U.S. Securities and Exchange Commission. Unger will fill the post until a permanent replacement to Arthur Levitt is named by Bush. (added 2/14)

American Century has filed with the SEC to launch a fund that will require investors to remain invested for at least five years or face a stiff redemption charge. The new fund will be called Avanti and carry the Sierra brand. James E. Stowers III and John Small Jr. will manage the fund. (added 2/14)

SEI shareholders will receive a 100% stock dividend on February 19th when SEI splits 2-for-1. Dividends will be payable on February 28. (added 2/14)

AIM Private Asset Mangement will offer investment style products through US Bancorp Piper Jaffray to high-net-worth and institutional clients. As the client base expands, APAM will increase the lineup from the Blue Chip, Mid Cap Equity, and Basic Value investment styles to a total of eight portfolio styles. (added 2/14)

Pioneer Investment Management has added four stock funds: Pioneer Europe Select Fund, Pioneer Global Financials Fund, Pioneer Global Health Care Fund, and Pioneer Global Telecoms Fund. (added 2/14)  

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