Weekly Web Flash
December 17, 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:
* American Skandia Investment Services has reinstated Fred Alger Management as subadvisor of two of its funds. Following the terrorist attacks, American Skandia named MFS Investment Management as an interim subadvisor. Fred Alger Management lost 38 employees and its offices on Sept. 11, and less than a week later American Skandia temporarily replaced the money manager.
* OppenheimerFunds will offer a qualified 529 program targeted to investment advisers. Called Scholar's Edge, the program will be managed by State Street Corp. subsidiary Schoolhouse Capital LCC and will offer funds from both State Street and OppenheimerFunds.
* American Century said that it would cut 90 workers, or about 3% of its workforce, from its Kansas City-based operations in an attempt to stabilize its finances amid declining markets and dwindling assets under management.
* ING Americas will be saving $250 to $300 million through cost-cutting measures, including an estimated 1,600-person staffing cut across all its lines of business, including mutual funds.