Bear Stearns is readying a second S&P Stars fund (Bear Stearns S&P Stars Opportunities), which will invest in small- and mid-cap stocks. Bear Stearns first Stars Fund has gathered $3 billion in assets and focuses on large cap stocks. The firm hired small- and mid-cap specialist John Coyle from Merrill Lynch last week.



American Century promoted Raymond Kong to portfolio manager on the international equity investment team. He joins Michael Donnelly as co-portfolio manager for the $105 million American Century Emerging Markets Fund. Kong is moving from the Singapore office to New York City.



For the second year in a row, Fidelity has won top honors from Pensions and Investments for NetBenefits, its website for participants. The award is entitled "Best of the Web".



CNA Trust, with the assistance of CSFBdirect, now offers online trading for its self-directed brokerage account participants. CSFBdirect is backed by Credit Suisse First Boston.



Deutsche Asset Management is opening the Growth Optimal World Equity Portfolio (GrOWE) as a new form of passive investment. GrOWE was developed for an undisclosed large multinational client. DeAM holds forth that the new strategy can add on average up to 2% excess return over a traditional cap-weighted global benchmark at similar risk levels, before fees. It claims the added returns will be derived from "a constant rebalancing strategy that results in superior diversification through time." It adds that it has a pending patent application on the new process of rebalancing.  

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