Sponsors' manager ratings rise despite tough market
WEST PALM BEACH, Fla. - Plan sponsor ratings for mutual fund managers in 2001 are up from the previous two years across all asset bands, despite the volatile and uncertain stock market, according to a study by 401kExchange of more than 95,000 401(k) plan sponsors.
New York Life was a leader in the $10 million to $100 million asset class, earning a satisfaction ranking of 4.23 out of a possible 5, with a tie for second place among Vanguard, Manulife Financial, MFS and MassMutual, all rating 4.19. Fidelity came in eighth at 4.15, tying with American Funds and Diversified Investment Advisors.
Standard Insurance led the $1 million to $10 million market at 4.35. Union Bank of California took second place with 4.17, followed by Minnesota Life, 4.16; and Fidelity, Principal Financial and the Vanguard Group, all with 4.15.
U.S. Bancorp Piper Jaffray merges fund families
MINNEAPOLIS - U.S. Bancorp Piper Jaffray merged its two fund families, First American Funds and Firstar Funds, to create a new First American family of funds, which includes institutional assets. It will have 55 funds, pared down from 86, with $53 billion in assets under management as of June 30. The two groups merged to consolidate similar funds, said Mark Jordahl, chief investment officer of U.S. Bancorp Piper Jaffray, in a statement.
U.S. Bancorp Piper Jaffray Asset Management, the investment advisor to First American Funds, was formed in May as part of a reorganization after the February merger of U.S. Bancorp and Firstar Corp.
