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Rating:Kansas 529 Plan Doubles Assets Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, November 30, 2001

Kansas 529 Plan Doubles Assets

Reported by InvestmentWires Staff, 

Fidelity has named two new portfolio managers for Select funds. Fidelity research analyst Christian Zann will replace Telis Bertsekas as portfolio manager of the Fidelity Select Software and Computer Services fund and equity analyst Heather Lawrence grabs the reigns of Fidelity Select Transportation Fund from Ian Gutterman. Bertsekas will continue as manager of the Fidelity Select Computers fund and Gutterman stays on as manager of the Fidelity Select Insurance Fund.

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Gerald Peterson is founding Agger Capital Management. Peterson will be CEO and Brad Barrett will act as president and head of client relations. Peterson quit Denver Investment Advisors were he ran the Westcore Select Fund and was a 10 percent owner. "While itís hard to leave my colleagues at Denver Investment Advisors, the time seems right to independently pursue my investment objectives, which are to build and preserve capital, and to achieve superior absolute performance regardless of market conditions," explained Peterson. William Chester, DIA's director of mid-cap research, will step up as portfolio manager for the Westcore Select fund.

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The Bank of New York will buy $2.6 billion of assets from Axe-Houghton Associates for $4.75 million. BONY will take over the asset manager's international ADR (American Depositary Receipts) and U.S. equity index institutional money management assets. Axe-Houghton is a subsidiary of Hoenig Group (Rye, New York). The assets generated a quarter of the firm's fees but account for all but $800 million of its assets under management.

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Retirement Advisors of America (Dallas, Texas) has awarded a $32 million mandate to the Victory Diversified Stock Fund. The firm works exclusively with high net worth families. Its decision was based in part of Victory Fund managers in-house research capabilities and investment process.

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Wells Fargo Funds Management has opened its 78th fund -- Wells Fargo Tactical Maturity Bond Fund -- for institutional investors. The fund runs a barbelled portfolio, blending two components: long-term U. S. Treasury bonds with maturities between 25-30 years, and high quality, short-term bonds with maturities less than two years. The fund begins each calendar year with a strategic mix of 75% long-term bonds and 25% short-term bonds. Shifts between long and short bonds are triggered by subsequent interest rate movements. During periods of falling bond prices, long bonds are sold to protect capital and mitigate losses. When prices are rising, long bonds are added to capture appreciation.

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TD Waterhouse Group is rolling out a free planning section of its Web site with third party retirement planning tools and resources. "With recent market uncertainty it's now more critical than ever for future retirees to begin planning early and current retirees to safeguard their assets for a long and enjoyable retirement," said Elizabeth Butler, first vice president, retirement plans marketing of TD Waterhouse.

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Morgan Stanley is bringing folding its US and international high net worth businesses together. The move will take effect January 31, 2002 and combines the International Private Client Group and the Private Wealth Management business within the Morgan Stanley's Individual Investor Group. Mayree Clark, managing director and global director of research, will head the combined businesses reporting to John Schaefer, president of Morgan Stanley's Individual Investor Group. Robert Sculthorpe, who headed the International Private Client Group, and Stephen Miller, who headed the Private Wealth Management business, will both become Advisory Directors of Morgan Stanley's Individual Investor Group. "A single-platform approach ensures that the client segment which is most important to the success of our global growth strategy enjoys the full benefit of all of the resources a firm like ours can provide," explained Schaefer.

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The Kansas Learning Quest 529 plan has hit the $100 million mark. The plan had just $60 million at the end of July. American Century is the asset manager for the plan which is also distributed by Charles Schwab. The plan will double its contribution limit to $235,000 from $127,000. The new limit is effective immediately and includes the value of all accounts for one beneficiary. The limit was raised to reflect the increased cost of a five-year college education at a Midwest institution of higher learning.  

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