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Vanguard says it had a banner 2007 with close to $1.3 trillion in mutual fund assets and is ready for a strong 2008.

Vanguard introduced three new index funds in December 2007: Vanguard Mega Cap 300 Index Fund, Vanguard Mega Cap 300 Growth Index Fund, and Vanguard Mega Cap 300 Value Index Fund. The new funds seek to track the MSCI US Large Cap 300 Index, MSCI US Large Cap Growth Index, and MSCI US Large Cap Value Index, respectively.

The fund giant plans to introduce the Vanguard Managed Payout Growth Focus Fund, Vanguard Managed Payout Growth and Distribution Fund, and Vanguard Managed Payout Distribution Focus Fund as “turn-key solutions” to help retirees meet expenses in early 2008.

In addition, Vanguard’s total 529 college savings plan assets under management passed the $20 billion milestone in October 2007, a jump of nearly 50 percent from the previous year. Contributing most to the growth were the Vanguard 529 College Savings Plan, sponsored by the state of Nevada, which surpassed $3 billion in assets in August 2007, and its College Savings Iowa 529 Plan, which now totals more than $2 billion.


The Roth IRA, named for its chief sponsor, the late Senator William Roth Jr., was established by the Taxpayer Relief Act of 1997 as the first account to allow earnings to grow income tax-free and Americans to make tax-free withdrawals for retirement, according to Fidelity/National Financial.

Today, more than 16.1 million American households have a Roth IRA, and assets in these accounts top $175 billion, the investment company says.

Fidelity research has found that: o An estimated 90 percent of American households are eligible for a Roth IRA;o Just 19 percent of American workers own a Roth IRA; o Some 46 percent of IRA owners have a Roth IRA;o Of those that own a Roth IRA and work with a financial advisor, nearly four in 10 (39%) generally contribute the maximum annual amount; o In 2010, Americans who do not meet the Roth IRA income eligibility requirements will have a one-time opportunity to convert a traditional IRA into a Roth IRA.


Fidelity Investments says Marvin Adams, formerly chief information officer at Citigroup, has been hired as the president of Fidelity Shared Services, which includes Fidelity Technology Group, Fidelity Enterprise Operations and Fidelity Real Estate Company.

As Citigroup’s CIO, Adams oversaw the global focus and leadership of Citigroup’s worldwide corporate technology infrastructure and systems. He also led the CIO Council with responsibility for the enterprise-wide direction of information technology and was a member of the Citigroup Management Committee. Prior to joining Citigroup, Adams was senior vice president of corporate strategy and chief information officer at Ford Motor Company, and he also worked at Bank One Corporation, after starting his career at IBM.

“Marvin Adams, 50, is a leader who has wide-ranging experience in technology and operations both within and outside of financial services,” said Fidelity President Rodger A. Lawson. “As our business relies more and more upon robust technology solutions coupled with efficient operations, Marv’s background suits him ideally to help us take the greatest possible advantage of our market-leading capabilities in these areas.”

Adams’ organization is set to include about 12,000 employees.


JPMorgan Funds, the U.S. mutual fund business of JP Morgan Asset Management, says David Kelly, Ph.D., formerly economic advisor for Putnam Investments in Boston, will become its New York-based chief market strategist.

Kelly will share his views with financial advisors through distribution of JP Morgan’s Market Insight series, as well as through nationwide speaking engagements, conference calls and media activity.

“We believe David Kelly will be an excellent addition to the JPMorgan Funds business and his specific experience in the mutual fund industry will help us deliver market views in a relevant, targeted way that resonates with financial advisors,” says George Gatch, president and CEO of JPMorgan Funds.

Kelly spent the last eight years as a senior economic advisor at Putnam Investments. He is a chartered financial analyst and holds a doctorate in economics from Michigan State University.


CNL Financial Group of Orlando, Fla., a privately held real estate investment and development company, has introduced the CNL Global Real Estate Fund, the company’s first mutual fund and first global real estate investment offering.

The CNL Global Real Estate Fund invests mainly in equity securities of listed real estate investment trusts and other listed real estate companies. Its focus is on quality real estate-related companies that own institutional-grade real estate investments in North America, Europe and Asia Pacific, according to the company.

“Because this sector traditionally is not highly correlated to U.S. equities or global equities, we believe investing in global real estate securities will assist investors in diversifying their portfolios,” says Grayson Sanders, president of CNL Fund Advisors Company.


Sean P. Kelly, CFA, has joined Eaton Vance as head of defined contribution and sub-advised distribution.

Kelly, 44, was formerly with Evergreen Investments, where he served as senior vice president and managing director in the institutional asset management group, leading the firm’s sub-advisory and DCIO [defined contribution/investment only] business. Prior to Evergreen, the CFO was a vice president and associate with Wellington Management from 1995 to 2006.

“I am looking forward to Sean leading Eaton Vance’s efforts in one of the fastest growing segments of the asset management business,” explains Matthew J. Witkos, president of Eaton Vance Distributors.

Janet Levaux is the managing editor of Research; reach her at [email protected].


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