NEW YORK - In what could be a boon to foreign markets, more than a quarter of U.S. households with mutual funds own international/global mutual funds and half plan to increase non-U.S. holdings during the next 12 months.
Those are the results of a 1994 Scudder Funds/Gallup survey of 1,000 U.S. households that own mutual funds.
Seventy percent of investors with international/global mutual fund accounts view them as a means to finance retirement, and 20% invest in them to help pay for children's education.
WASHINGTON - Sales of stock and bond and income mutual funds totaled $31.5 billion in July, representing a slight drop vs. $36.6 billion in June and $43.4 billion in July 1993, according to the Investment Co. Institute, a Washington trade group for mutual funds.
Sales of stock funds alone totaled $18 billion in July compared with $20.2 billion in June and $18.2 billion in the year-earlier period.
Bond and income fund sales totaled $13.6 billion, compared with $16.4 billion in June and $25.2 billion in July 1993.
Growth and income funds led all fund categories with sales of $4.6 billion.
Net sales - sales including reinvested dividends less redemptions - were $8.4 billion for long-term funds, compared with $11.6 billion in June and $25.5 billion in July 1993.
BOSTON - Charles A. O'Neill, senior vice president and a member of the board of Colonial Management Associates, Boston, has been named to the newly created position of executive vice president of Colonial Investment Services, distributor of the Colonial Mutual Funds.
In his new role, he will be responsible for expanded product and market development efforts. He will continue to direct marketing communications, shareholder communications, product development and research.
Colonial Management Associates is the firm's investment management division.
NORTHRIDGE, Calif. - Whitfield Wannamaker, formerly senior vice president, national sales manager with Kemper Financial Services, Chicago, joined Sierra Investment Services, Northridge, Calif., as senior vice president, director of distribution, a new position.
He will oversee distribution of the $3 billion Sierra Trust Funds family of 15 mutual funds and the Sierra Advantage tax-deferred variable annuity.
Sierra is a registered broker/dealer and a subsidiary of Great Western Investment Management.
At Kemper his duties were assumed by Henry J. Schulthesz and Terrence P. Cunningham, who were promoted to national account and divisional sales manager positions to intensify Kemper's concentration on bank distribution.
NEW YORK - Elizabeth Bramwell, president and chief investment officer of the Gabelli Growth Fund until mid-February 1994, has launched her own open-end fund through her new firm.
The new firm is Bramwell Capital Management Inc., located in New York.
The no-load Bramwell Growth Fund is the first in a series of funds to be organized and offered as part of the Bramwell Funds Inc.
As much as 25% of the stocks may be of companies outside the United States.
CINCINNATI - Fifth Third Bank has selected Morgan Stanley Asset Management Inc., New York, as subadviser for its new international equity fund. The fund will be part of the bank's Fountain Square family, which includes three money market and seven stock and bond funds.
The fund will invest in developed as well as emerging markets following a top-down approach to country selection.
BOSTON - John Hancock Mutual Funds has raised $450 million for a closed-end fund, John Hancock Bank and Thrift Opportunity Fund, listed on the New York Stock Exchange. The fund invests in small to medium-sized U.S. regional bank and thrift stocks.
"Ongoing industry consolidation, prospects for nationwide interstate banking legislation, improving asset quality and attractive stock valuations point to significant opportunities," said James K. Schmidt, portfolio manager.
Also, the firm temporarily reopened the $430 million John Hancock Special Equities Fund to new shareholders. The fund will remain open until it has received $150 million in new assets or through Sept. 30, whichever comes first.
The Special Equities fund was closed a year ago after it quadrupled in size in the first eight months of 1993 and became too large to effectively invest in small-cap stocks.
Michael P. DiCarlo, portfolio manager, said he intends to take advantage of an expanded universe of small-cap stocks that are selling at bargain prices this year.