MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, September 13, 1999 September 13, 1999 GM to launch institutional fund From The Wall Street Journal General Motors Investment Management Operation, or GMIMCo, GM's investment arm and the largest private-sector pension operator, is entering the asset-management business by launching an institutional fund. The fund is expected to be introduced in the fourth quarter. It will aim to capture large institutional clients capable of investing $400 million or more while turning fund management into a profit center for GM. Attracting new money From Investment News Total mutual fund industry assets through June were up 16% over the same period last year. These numbers might look great but all that gain has come from market appreciation. Sales to new customers now account for just 5% of an average fund company's growth, down from 21% five years ago, estimates Investment Counseling Inc. To attract new sources of revenue many funds are introducing tax-efficient funds and half the retail companies Investment Counseling surveyed plan to begin offering financial planning and trust services next year aimed at affluent customers. Chase funds lose rating From Investment News Chase Manhattan Corp. not only raised some eyebrows when it launched its $11 billion Chase Vista load fund program last month, it also dented some of its funds' ratings. Standard & Poor's removed its "Select" rating from the Vista Small Cap fund and also placed the "Select" status of Chase Equity Growth Fund/Premier on watch. Chase recently consolidated its sales and marketing for mutual funds and institutional asset management. It also consolidated its private banking and 401(k) platforms. Printed from: MFWire.com/story.asp?s=24596 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |