At the Bell

Two trade groups seeking relief

The associations representing Wall Street and the mutual fund industry Friday issued pleas to Congress for financial relief. The Securities Industry Association called on Senate Majority Leader Tom Daschle, D-S.D., to move legislation that would reduce securities fees.

The Investment Company Institute in Washington sent its own letter asking members of Congress to include in the economic stimulus package being considered a measure to defer taxes for fund shareholders on reinvested capital gains.

Evergreen adding separates offerings

Evergreen Investments will announce plans this week to expand its separate-accounts program, first to its in-house broker-dealers and bank representatives and then outside the company, says Andrew Clipper, Evergreen’s new director of retail separate accounts.

Mr. Clipper, 44, was hired in September to launch Evergreen Portfolio Solutions, a new business unit focused on developing, marketing and servicing Evergreen’s retail separate-account products to investors through financial advisers.

Evergreen, the investment division of Wachovia Corp. in Charlotte, N.C., with $179 billion under management, currently offers separate accounts for institutional and wealthy investors. The retail product will be available in the first half of 2002, says Mr. Clipper.

Banking chairman warns insurers

Paul Sarbanes, D-Md., chairman of the Senate Banking Committee, warned tongue-in-cheek last week that the insurance industry had better be careful what it wishes for, because it just may get it.

Speaking at a Consumer Federation of America conference in Washington, Mr. Sarbanes noted that the insurance industry, which in the past has strenuously opposed federal regulation while holding tight to state regulation, is now seeking the option of being regulated by the federal government.

“I’m not sure they fully appreciate what the possible implications are of that,” he said as the audience laughed. “I mean, you always think you’ll get this, and you won’t get all the accompanying things that come with it.”

Bridgeway closes a mid-cap fund

Bridgeway Capital Management Inc. of Houston has closed its Bridgeway Aggressive Investors I fund to new investors, according to filings with the Securities and Exchange Commission. The fund has shown a decline of 21.2% through October, compared with 30.47% for the average mid-cap-growth fund, according to Lipper Inc.

The closing came when assets of the fund topped $275 million. It is still open to existing investors but may be closed completely as further assets accumulate.

Bridgeway previously closed two of its other funds.

Mutual fund assets climbed in October

Assets of the nation’s mutual funds climbed 3% in October, according to the Investment Company Institute in Washington. The total for all types of funds reached $6.62 billion. Stock funds had an inflow of $758 million and bond funds brought in $13.51 billion.

Planner board set to reexamine rules

The Certified Financial Planner Board of Standards Inc.’s disclosure task force will meet today to discuss feedback on a draft of proposed changes to rules and terminology about disclosure in the board’s Code of Ethics and Professional Responsibility.

The task force will draw its discussion from 150 comments submitted by CFPs, the North American Securities Administrators Association, the Financial Planning Association, the AARP and State Farm Insurance Cos. A final draft will be developed for release early next year.

Feedback gathered during a six-week public review period is posted online at CFP-Board.org/disclosure.html.