Weekly Web Flash
December 3, 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:
* Armada Funds is beefing up its distribution staff, adding six external wholesalers and additional internal staff that will help distribute its products via the Web, company officials said. The new staff will allow the firm to get more aggressive in the small 401(k) plan sponsor market, they said. The firm also plans to use the additional staff to gain further distribution through fund supermarkets.
* New York Life Investment Management LLC has launched a 529 plan in conjunction with State Street Corp. subsidiary, Schoolhouse Capital. The CollegeSense 529 Higher Education Savings Plan will be distributed through NY Life's force of captive agents as well as independent broker/dealers.
* American Century Investments closed its Small Cap Value fund to new investors in order to maintain the fund's ability to easily invest in smaller companies, the firm announced. The company decided to close the fund once it reached $1 billion in assets.
* Eaton Vance Corp.'s revenue increased nearly $57 million in fiscal year 2001, up 13% from 2000, the firm reported. At the same time, operating expenses increased by more than $48 million, or 20%, due to increased fund marketing costs, higher mutual fund service fee expenses and higher compensation costs.