ProFunds is launching six unleveraged index-based mutual funds. "These ProFunds are designed for active investors who want to take advantage of the historic divergence of value and growth segments of the market by overweighting their portfolios on either side of the small- or mid-cap equity market, or the broader small- or mid-cap equity market," contended Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC, investment advisor to the Bethesda-based mutual fund family.



The Los Angeles County Superior Court has denied a motion for class certification in a case brought by the Howard Gunty Profit Sharing Plan and Robert E. Yelin over securities fraud allegations. The case was brought against Bank Plus Corporation. The court ruled that the plan was a "professional plaintiff" and not an appropriate representative.



Investing is not dead. At leat, not for Warburg Pincus & Co. The firm has invested $16 million in Harbor Networks, according to an article in The Wall Street Journal. The firm is an electronics start-up in China.



Tokyo's Nikkei index may be on the verge of falling below the Dow Jones Industrial average, The Japanese benchmark hit 10,409 after five straight losing sessions. That level marks it lowest close since August 14, 1984, when it ended at 10,360. The Dow was more than 10100 at Noon Tuesday.



Academics claim to have quantified what fund marketers have long known, top-ranked funds by Morningstar pull in more assets. Five-star, domestic-equity funds rake in an extra 35 percent in assets in the six months after they are upgraded from four-star to five-star status, claim University of Oregon assistant professor of finance Diane Del Guercio and Federal Reserve Bank of Atlanta's Paula A. Tkac. Funds debuting with a five-star ranking take in 53 percent more assets than average, the pair found. Other funds rankings have less of an effect. Fund falling to three stars tend to lose assets as do those gaining a fourth. However, debut rankings at those levels have no effect. The study -- "Star Power: The Effect of Morningstar Ratings on Mutual Fund Flows" -- was based on data from 3,388 funds covering the period from November 1996 to October 1999 and was funded by Institute for Quantitative Research in Finance. Download the study (Adobe Acrobat version).



Portfolio Management Consultants, a Denver-based subsidiary of The Ziegler Companies, has completed its merger with The Envestnet Group. The new entity, EnvestnetPMC, claims some $6 billion in managed account assets under management and adminstration. Ziegler has retained a minority stake in the new Chicago-based company.



AIM received shareholder assent to alter the investment strategy and name of the AIM Global Resources Fund to the AIM Global Energy Fund. The fund will now focus on energy sector investing.



Janus Capital parent Stilwell Financial claims approximately $195 billion in assets under management at the end of August. Assets at the firm averaged roughly $207 billion during the month and $228 billion for the year so far.



It did not take long for UAM parent Old Mutual to replace its former CEO Eric Antsee. Today, the UK-based firm announced that Edmond Warner, 38, will take its reigns from interim chief Jim Sutcliffe. The BT Alex Brown vet has been at the firm since 1999. Antsee had stepped down prior to the Labor Day weekend. 

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