Oak Associates has launched Live Oak Health Sciences Fund, a health sciences specific fund that will feature a long-term approach.



Delaware Investments is changing the name of its Delaware International Equity Fund to the Delaware International Value Equity Fund in a move to emphasize the fund's value approach.



ICI has released it's May study of mutual fund trends. There was a 1.2 percent average increase in net assets across all fund categories. Although stock mutual funds suffered from a decrease in net new cash flow, hybrid funds, taxable bond funds, and municipal bond funds all experienced increased net new cash flows.



Fidelity named Richard Horlick chairman and president of Fidelity Management Trust Company. He will report to Peter J. Smail, president of Fidelity Employer Services Company and replaces John F. McNamara, who retired from the firm in February of this year.



SEI Investments has been selected to manage Ahlstrom's USA's 90 million dollar defined benefit pension plan.



Merrill Lynch and Citigroup may have further layoffs in store, reports The Wall Street Journal. Furthermore, the Dow Jones Newswires has learned that Credit Suisse Asset Management will cut four percent of its New York workforce in the coming few weeks.



Neuberger Berman priced the almost four million shares of its secondary offering by shareholders at 68 dollars per common share. Furthermore, the selling shareholders are offering the underwriters a 30 day option to purchase an additional 600,000 shares. In an attempt to ease the dilution caused by this large sale by shareholders, Neuberger will repurchase 1,600,600 shares from former principles of the firm. Shares opened this morning at $68.58.



Morningstar continues to push into Europe. The Chicago fund tracker tailored two new versions of its popular Morningstar.com to the Spanish and German markets.



St. Louis based Pulaski Financial has appointed Ramsey Hamadi, currently controller, to the position of chief financial officer. Incumbant Thomas Hack is retiring from the firm.  

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