NEW YORK - Salomon Brothers Asset Management Inc. has introduced the Salomon Brothers Investment Series, a new family of open-end mutual funds.
The series of seven mutual funds is available to institutional and retail investors through national and regional brokerage firms, said Cliona Farrington, vice president of retail marketing.
The funds are available now as separate options for qualified retirement plans through the funds' A class of shares. SBAM is carefully considering now the introduction of a bundled program for 401(k) plans, said Ms. Farrington, and could work with a third-party administrator to provide record-keeping services.
The seven funds are: U.S. Government Income; Strategic Bond, a diversified fixed-income fund; High Yield Bond; Investors Fund, a growth fund; Cash Management Fund; National Intermediate Municipal; and New York Municipal Bond.
Salomon has assembled a team of senior regional marketing managers to distribute the funds to brokerage firms across the United States.
Wayne F. Meyer, formerly a regional vice president of Colonial Mutual funds, will handle the Midwest; Alan Aldrich, formerly western division manager of Oppenheimer Management Corp., will handle the West; Gregory B. Norris, formerly vice president of Eaton Vance, will handle the Northeast; Steven Widder, formerly a senior vice president of Massachusetts Financial Services, will handle the Southeast; and Frank Nespoli, formerly vice president for American Capital Management & Research Inc., will handle the South Central region.
MINNEAPOLIS - Voyageur Asset Management, introduced its first institutional mutual funds, the VAM Institutional Funds. The company initially will offer six open-end, no-load fixed-income mutual funds, diversified across the risk spectrum: a short government agency fund, an intermediate government agency fund, a government mortgage fund, a short-duration total return fund, an intermediate-duration total return fund, and an intermediate municipal fund.
Bridget Tompkins, a spokeswoman for Voyageur, said the company is considering the addition of a global fixed-income fund. The company will restrict its institutional offerings to fixed-income funds in the foreseeable future, although the company does manage other asset classes in its retail mutual fund family and in separate institutional accounts.
MINNEAPOLIS - Investment Advisers Inc. introduced an emerging markets mutual fund, the IAI Developing Countries Fund. The fund will be run from IAI's London office, and will follow the strategy of IAI's international equity fund, which is a value approach using IAI's dividend discount model.
DENVER - INVESCO Funds Group has added two new funds: INVESCO Latin American Growth Fund and INVESCO European Small Company Fund.
Firm officials believe the timing is right. In Europe, small companies are poised to gain as the Continent emerges from recession, and in Latin America, companies will benefit as the peso stabilizes, said Dan Hesser, chairman and chief executive officer.
NEW YORK - Donald Schultheis, formerly an account manager of institutional sales and client services for Strong Capital Management, joined Warburg Pincus Counsellors as a vice president. He'll be responsible for institutional marketing and client services in the Midwest region, a new position. He has not yet been replaced at Strong.
A number of small-company funds have reopened their doors to investors after having been closed.
T. Rowe Price Associates has reopened its small-capitalization value fund to new investors. The fund, which began operation June 30, 1988, has $410 million and invests in stocks of very small companies that the manager deems to be undervalued. The fund was closed to new investors March 4, 1993, because of large cash inflows.
Now that stock fund cash flows have moderated, "we believe there are opportunities to invest in small company stocks with attractive valuations," said Preston Athey, president.
To deter short-term trading activity, there will be a 1% redemption fee for shares purchased on or after April 10 and held for less than one year.
MFS also reopened its small-cap fund recently for the same reason.
Confidence in mutual funds is higher than one might expect given last year's weak results, according to a survey by American Skandia Life Assurance Co., Shelton, Conn., which provides multimanager variable annuities.
Given another $10,000 to invest, the larger number of respondents - 38% - said they would buy mutual funds in the next 12 months, according to the telephone survey of 1,001 investors with household income of $75,000 or more who had directly purchased or sold stocks, bonds or mutual funds within the past year.
Investments made as part of employer-sponsored retirement plans did not qualify. The survey was conducted by National Family Opinion, Greewnich, Conn.
More than two-thirds of respondents said they are better off financially than they were a year ago.
Christine Philip contributed to this column.