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Rating:WM Names MidCap Manager Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, February 19, 2002

WM Names MidCap Manager

Reported by InvestmentWires Staff, 

Washington Mutual's WM Group of Funds has named Daniel R. Coleman as portfolio manager of its Mid Cap Stock fund. Coleman joined the fund in the fund last December from InfoSpace/Go2Net. Before venturing into the dotcom community he spent 11 years with Brookhaven Capital Management.

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PNC Surpasses

PNC Financial's PFPC unit is touting the success of its Surpas shareholder subaccounting system. The firm claims that it added 7 million new shareholder accounts in the past year, including those at Prudential. Altogether it claims that 21 million accounts are now on the system. Kevin Melancon, managing director for Surpas at PFPC, says that the new account wins stem from a shift in the fund industry to subaccounting.

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Compliance Tool For Funds

JPMorgan Investor Services is demoing its third-party compliance capabilities at this week's NICSA Conference in Florida. The new tool works within the firm's compliance reporting services platform and allows offers customization of rules and reports. The bank promises it will reduce manual compliance checks and operational risk for fund firms, said Virginia Meany, fund services business executive.

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Measuring 401k Risk

Is there a market for selling risk measurement software to 401(k) plan investor? New York City-based RiskMetrics Group believes that there is. In reaction to the highly-publicized collapse of Enron, the firm stepped up the release of its 401k Checkup software product. The tool gauges the riskiness of 401(k) portfolios and the concentration of a portfolio. Our bet is that most participants would rather just not know. Visit RiskMetrics.com to use the service.

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More Advisor Info at Search401k

Search401k it adding to the tools it offers intermediaries in response to the attention focused on 401(k) plans by Enron. The features include background info and regs, an outline of non-401k retirement plans, and additional prospecting tools. The Mendota, Minnesota-based firm provides a Web-based search process for advisors seeking 401(k) providers for small business clients.

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GoldK Adds Seligman

Seligman has added its funds to the GoldK retirement plan platform. The move adds 12 funds from Seligman to the e401k platform. Terms of the deal were not disclosed, but typically fund firms pay the administrator through revenue sharing making this type of alliance relatively a no-risk effort.

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401k Reform Roadmap

Having trouble tracking the seemingly unending stream of 401(k) reform bills floating around Capital Hill (we know we are)? The American Benefits Council is trying to help. The plan sponsor group has put together a twelve page summary of current legislation and its details (see here. Be sure to check back often as tomorrow will bring another sunrise and another bill.

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TPA Cuts 401k Deal

ProActive Computer Services has cut a deal with Shilla Corporation to provide 401(k) administration through BizTeam Technologies' BizTeam.com Web site. The product is targeted at small plans.

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Small Investor Pain

Small investors are feeling the pain of this recession more than others, reports The Wall Street Journal. Those who placed much of their capital in tech stocks have lost 50% of their holdings or more since the Summer of 2000. But even those with conservative portfolios are having to rethink their future, the article contends. Investors are delaying everything from retirement to home purchases, college savings have been affected.

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Pru Man Honored

Joe Baron, a network systems architect in information systems at Prudential, has been named one of the top 100 IT leaders in 2002 by Computerworld magazine. Those named are selected for "having a positive impact on their organizations through technology".

* * *


Textron Revamps 401k Match

Textron reshaped its 401(k) plan in response the worker demands in the face of a falling stock price. The sponsor had only matched employee deferrals if that employee allocated half of the deferral to the Textron stock fund, reported the Associated Press. On September 1, the company decided to match all deferrals, no matter how they are allocated.

* * *


Montana Power Drops Stock in 401k

The Montana Power Company is ceasing making matching contributions in stock and is instead using cash. The move is in response to a ninety percent drop in its share price.  

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