Fidelity Institutional Retirement Services will introduce full transactional capabilities for participant 401(k) accounts over both the Internet and America Online during the first quarter. Plan participants can change the amount of their salary deferrals and alter their asset allocations.
So far, only BZW Global Investors (formerly Wells Fargo Nikko) has offered plan participants full management access of their 401(k) plans over the Internet.
GE Investments has closed its second private equity limited partnership, GE Investment Private Placement Partners II, raising $938 million. Among the 23 investors are the pension funds of Chrysler Corp., Crown Cork and Seal, Georgia-Pacific, Montreal Police, Olin Corp., Philip Morris Cos., 3M and GE. Other investors include the endowment funds of Rensselaer Polytechnic Institute and University of Chicago.
The fund will seek later stage growth capital, buy-out and other types of privately structured investments over a 10-year period. It mirrors an earlier fund, GE Investment Private Partners I, which raised $210 million from 12 partners in 1990.
Wilshire Associates will open its first non-U.S. office in London to service Europe and South Africa sometime in 1996, said Stephen Nesbitt, senior vice president. The firm also has sought opportunities in Asia ``but we haven't been as successful there,'' he said.
The London office will provide traditional consulting services as well as Wilshire's investment technology software. Julia Bonafede, currently a vice president in the Santa Monica, Calif., headquarters, will head up the new office.
As expected, INVESCO PLC announced it has reached an agreement to buy the Hong Kong operations of Aeltus Investment Management, the investment management subsidiary of Aetna Life & Casualty. The Hong Kong office, which has $1.1 billion in Asian-based assets under management for clients worldwide, will be merged into INVESCO's existing Pacific Rim operations.
INVESCO will pay $10 million, $5.1 million at closing and $4.9 million over the next three years.