Fidelity is cutting ties to American Express products in retaliation to losing fund managers, says Dow Jones. The news service reports that Fidelity is ending its corporate credit card and travel services agreements with American Express. Business is business, though, Fidelity will continue to offer American Express credit cards to its customers.



GE to Shutter Fund

The GE Emerging Markets Fund closed to new investments today as part of a plan to shutter it altogether. The fund will remain open to retirement plan clients. The $15 million fund is set to be terminated at the end of September. At that time fund shareholders will be able to redeem their holdings or exchange them for other GE Funds.



Skandia Seeks Sales Chief

American Skandia is seeking a new national sales manager in wake of plummeting sales of its variable annuities. The news comes as Bayard F. Tracy, sales director, resigned from the firm Wednesday, reports the American Banker. Annuity sales at the firm are off 66 percent from a year ago, according to the publication.  

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