U.S. Bancorp Adds 4 Bond Funds to Mix
The mutual fund arm of U.S. Bancorp of Minneapolis is offering three tax-free bond funds - for Arizona, California, and Colorado - and a corporate bond fund.The tax-free state funds were designed to provide current income that is exempt from federal and state income taxes. The funds will invest primarily in high-quality municipal bonds issued by the states or by local and regional governments in those states.
The corporate bond fund will invest in investment-grade bonds with an average portfolio quality of BBB. The fund's objective is to produce high current income with minimum risk.
-Karen Talley
Plain-English Service at TD Waterhouse Site
TD Waterhouse Group has added to its Internet brokerage site Ask Jeeves, a service that responds to questions phrased in ordinary language.The service, to become available in March, "allows customers to ask very pointed questions and receive very human answers," said Brian Stimpfel, first vice president of electronic brokerage services for TD Waterhouse of New York.
- Karen Talley
Fidelity Promotes Retirement Sales Execs
Fidelity Investments of Boston has promoted three sales executives for its retirement business through financial intermediaries.The appointees are: David VerMeulen, 50, senior vice president of retirement sales; Adrian Hodge, 36, eastern division sales manager; and Mark Kistler, 37, western division sales manager.
Fidelity is gaining 60 to 80 retirement plans a month through financial intermediaries, Daniel T. Geraci, executive vice president of distribution and marketing communications at Fidelity Investments Institutional Services Co., said in a recent interview.
Though most of that retirement business comes from brokerage firms, Fidelity is starting to "scratch the surface with banks," he said.
Separately, Fidelity said that in April it plans to change its commission structure for investment advisers' on-line stock trades. Trades of less than 1,000 shares will incur a $24.95 commission, plus 3 cents a share after that. Commissions now vary with the dollar amount of the transaction or by negotiation between Fidelity and the financial adviser.
- Cheryl Winokur
SBLI of Conn. Names Exec Acting CEO
Savings Bank Life Insurance Co. of Hartford, Conn., has appointed Peter L. Tedone acting president and chief executive officer.Mr. Tedone, 42, took over the roles Tuesday. The company's board is expected to name a permanent president and CEO when it meets.
He previously was executive vice president and chief operating officer. He succeeds Charles G. Katibian, who retired after being president and chief executive since 1973. Mr. Tedone said he is responsible for "charting a new course."
Founded in 1942, the company underwrites life insurance and annuities that are sold through banks and directly to the public in Connecticut. The company has $480 million of assets.
- Amy L. Anderson
Cigna Starts Nine Funds Tailored for IRAs
Cigna Corp. unveiled nine no-load mutual funds Wednesday as part of its Charter Funds family for employee retirement investment plans.The funds mirror investment offerings - commingled funds - already available to participants in Cigna's 401(k) plans. But nonqualified retirement plans, such as IRAs, cannot by law purchase commingled funds, said Jamie Kalamarides, a vice president in Cigna's asset management division.
Cigna's retirement services division has $55 billion of assets under management.
- Amy L. Anderson
