Weekly Web Roundup
February 11, 2002
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:
* Responding to declines in its direct mutual fund business, Janus said it has cut 222 jobs in its Denver retail shareholder servicing department. None of the firm's investment management staff were affected by the cuts.
The firm said that it was reacting to an overall trend in the industry where investors are increasingly turning to intermediaries to buy funds. As a result, the Denver-based company said activity in its direct channel had declined markedly.
* Prudential Financial is entering Mexico's private pension market through a joint venture in which it will acquire slightly less than 50% of the nation's ninth largest private pension manager, the company announced.
Pending regulatory approval, Prudential will acquire IXE Grupo Financiero's stake in Afore XXI. Afore XXI is a joint venture between IXE and Instituto Mexicano del Seguro Social (IMSS), the national government agency that oversees health and retirement benefits for Mexican workers.
* CDC IXIS Asset Management Advisers, the advisor to the CDC Nvest Star Worldwide Fund, is replacing Montgomery Asset Management LLC with Hansberger Global Investors as one of the fund's sub-advisors, according to a company regulatory filing.
The new management fee payable to Hansberger is less than what CDC IXIS was paying Montgomery, according to the filing. The firm will pay Hansberger 0.55% of the fund's net assets for the first $50 million, 0.50% of the next $50 million and 0.35% of amounts in excess of $100 million. However, the overall sub-advisory fee the fund pays CDC IXIS Advisers will remain the same, the company said.