MFMarketNews Weekly Web Flash
October 15, 2001
MFmarketnews.com is keeping abreast of the industry's latest developments with postings twice a day. If you didn't log on last week here are some Web exclusives you missed:
* Less than a month after the Sept. 11 terrorist attacks destroyed its offices in the World Trade Center and claimed the lives of 38 of its employees, Fred Alger Management announced that it is keeping its headquarters in Manhattan. Alger will reopen its headquarters in the Constable Building at 111 Fifth Avenue and should resume business in the new location by the end of the year.
* The board of trustees of the Titan Financial Services Fund has recommended that the fund be merged into Turner Investment Partners' Turner Future Financial Services Fund, according to a document filed with the Securities and Exchange Commission. With only $370,000 in assets under management, the tiny Tuner fund would balloon enormously if the merger is approved by Titan shareholders. The Titan fund has $16 million in asset under management, according to Morningstar.
* GE Financial Assurance announced that it will acquire Centurion Capital Group, a private asset management company in Sherman Oaks, Calif. Centurion, which specializes in separate account wrap programs, has $1.9 billion in assets under management
* In a move to cater to the high-net-worth market, the Vanguard Group today announced that it is opening a new private equity investment program with Hamilton Lane Advisors, a Bala Cynwyd, Pa.-based private equity advisor. Hamilton Lane will provide fund-of-funds management for the program, which Vanguard will offer to qualified investors.