At The Bell

Star quits Internet Fund

Mutual fund manager Alexander H. Cheung is leaving Monument Internet Fund, last year’s top-performing web fund with a 273.1% return, to start his own money management firm. He had run the fund for Monument Funds Group in Bethesda, Md., since its inception in November 1998. His new company, Long Bow Associates in King of Prussia, Pa., is expected to make the announcement tomorrow.

Money manager buys planning firms

Centurion Capital Group Inc., the La Jolla, Calif., provider of money management and trust services, has bought financial planners Hinds Financial Group Inc. of Lakewood, Colo., and Hesse Financial Advisors Inc. of Roswell, Ga.

Alliance settles shareholder suit

Alliance Capital Management LP has settled a class action against it by shareholders who felt they got shafted by the New York company’s North American Government Trust mutual fund. Shareholders can now reinvest $250 million in other Alliance funds without sales charges. The 1994 devaluation of the Mexican peso killed this fund’s return and geographically impaired investors complained the portfolio’s name led them to believe the fund would invest only in the United States.

Marketing exec for gay and lesbian market

New York-based Scudder Kemper Investments has hired a marketing executive to focus exclusively on the gay and lesbian market. The mutual fund company hired J.R. Mathena, formerly manager of business development at Bank of America’s private bank. At Scudder he’ll work in the $15 billion unit that serves wealthy investors.

Revised ADV forms on the way

The Securities and Exchange Commission will unveil revised ADV forms for investment advisers by April 5. They are expected to offer a check-the-box portion as well as a narrative portion in which advisers are required to describe their practices.

Insurer starts television campaign

New York Life Insurance Co. breaks a television campaign this week, its first in four years, reports sister publication Advertising Age. The $38 million campaign intends to trace the company’s history along with showing a cinematic sweep of historical events.

An At The Bell item in the March 20 issue mischaracterized the growth in managed accounts from 1998 to 1999. It was up 67.4% from $305.2 billion.