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S&P Creates New Mutual Fund Division

Standard & Poor's of New York has created a new mutual fund division by merging three units. The units, Standard & Poor's Micropal, Standard & Poor's Fund Research and Standard & Poor's Managed Funds Ratings, will now be known as Standard & Poor's Fund Services. Sanford Bragg will become managing director of the new unit. The move is aimed at accelerating the company's global expansion, Bragg said.

The new Standard & Poor's Fund Services division has 300 employees in 13 countries. Bragg said no cutbacks are expected. The Select Fund Evaluation Service, which Standard & Poor's created in March to produce in-depth fund analysis targeted to intermediaries, will be sold through the fund division.

"The trend is that people want to go beyond performance information," Bragg said.