PALO ALTO, Calif. -- E*TRADE Group Inc. has expanded its Internet mutual fund supermarket to 4,600 funds through the addition of 400 funds since the beginning of 1999.
E*TRADE's time frame for new fund introductions has been short. More than 250 funds were added in May and June alone. E*TRADE also introduced its Mutual Fund Incubator this spring. It is designed to increase the visibility of hundreds of small and undiscovered mutual fund managers nationwide.
Hoffman to retire from Merrill Lynch
NEW YORK -- Paul Hoffmann, long-serving manager of the $13.2 billion Merrill Lynch Basic Value Fund, will retire early next year. He has managed the fund solo since its inception in July 1977.
He will be replaced by Kevin Rendino, who was a research associate on the fund and manages about $1.2 billion in other accounts with similar investment objectives . Mr. Rendino gradually will assume management of the fund from Mr. Hoffmann.
Boudreau to step down as Hancock chairman
BOSTON -- Edward Boudreau Jr. will retire as chairman and chief executive officer of John Hancock Funds at the end of this year.
Assuming his role as chief executive officer will be Maureen Ford, president of John Hancock Broker/Dealer Distribution and Financial Advisory Network. It is uncertain whether there will be a replacement chairman, officials said.
Mr. Boudreau led the company's mutual fund complex for 11 years and is credited with increasing assets under management to $34 billion from $3 billion, in part through the expansion of Hancock's distribution networks. Mr. Boudreau also expanded Hancock's offerings beyond traditional fixed-income funds.
Lipper taps Rosenbaum for research director
NEW YORK -- Edward S. Rosenbaum joined Lipper Inc. as vice president and director of research, a new position. Mr. Rosenbaum will oversee development of analytical tools and research that complements Lipper's existing data analysis services.
Mr. Rosenbaum had headed his own private investment management and consulting firm, ESR Global Capital Advisers, in Boston, which was disbanded. He also was a portfolio manager at Wellington Management Co., Boston.
Boyles joins Alleghany Asset
CHICAGO -- Robert M. Boyles joined Alleghany Asset Management as executive vice president and chief operating officer, a new position. Mr. Boyles most recently was chairman and chief executive officer of Chase Global Funds Services Co., New York. Chase did not return calls by press time regarding his replacement.
Fund news
* ABN AMRO Asset Management (U.S.A.) Inc., Chicago, will offer three of its international equity funds to the financial adviser market. The move is ABN AMRO's first distribution foray outside of its captive distribution network, said Steve Smith, senior vice president and director of mutual funds.
ABN AMRO's 18 no-load mutual funds, with about $3.3 billion under management for U.S. investors and $110 billion for investors globally, have so far been available only to institutional investors and high-net-worth individuals through the bank and its subsidiaries. The three international funds are being made available on various mutual fund supermarkets, such as Charles Schwab Trust Co. and Fidelity's Funds Network, Mr. Smith said.
* The five mutual funds to make it onto the Select Funds' midcap value list of Standard & Poor's Fund Services, New York, are: American Century Value Fund, Colonial Select Value, Eclipse MidCap Value, MAS Mid Cap Value Portfolio and the State Street Research Alpha Fund.
S&P screens funds on the basis of style consistency; risk-adjusted returns; face-to-face interviews; manager tenure and experience; the company's overall investment philosophy; depth and quality of analytical resources available to the manager; and the stability of the management team and the company.
* Victory Mutual Funds, Cleveland, launched a Web site, www.victoryfunds.com, with mutual fund news and overviews, investment strategy information, investment tools such as retirement planners and calculators, economic news and commentary, and an e-mail help service. Transactional capabilities for mutual fund investments and transfers among the 33 Victory Funds will be available by the end of the year.
* Fidelity Investments, Boston, redesigned www.fidelity.com to offer readers more streamlined, more easily accessible financial information. Navigation has been improved, a powerful search engine added and news content from CBS MarketWatch.com added to the site. The news content will include the NewsWatch Column; Big Charts' Market Snapshot; CBS NewsWatch headlines; free quotes; and links to CBS' business news, financial programming and analytical tools.
* United Asset Management Corp., Boston, also updated its Web site (www.uam.com) to include live Webcast calls with portfolio managers of the company's 33 mutual funds. Portfolio manager commentaries about fund investment philosophy are another new feature, as are investment newsletters on specific investment topics written by UAM money managers.
Shareholders also can access up-to-date account balances and transaction histories electronically. New transactional capabilities allow existing shareholders to purchase additional shares, make transfers among funds and order tax statements over the Internet.
* PIMCO launched a new Convertible Bond Fund managed by Sandra Durn. It is available to retail, institutional and financial adviser clients and as a separate account to institutional investors. Ms. Durn came to PIMCO from Nicholas-Applegate in March this year, where she was lead portfolio manager of convertible securities.
* Three Prudential Investments sector funds have proven popular with investors in their 31-day initial offering period. The Prudential Technology Fund, Health Sciences and Financial Services funds collectively attracted almost $400 million in the first month.
