NEW YORK (AP) — Total money market mutual fund assets rose $3.94 billion to $2.736 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds fell $8.84 billion in the latest week to $925.84 billion.

Assets of taxable money market funds in the retail category fell $6.57 billion to $723.95 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $2.27 billion to $201.89 billion.

USAA expands mutual fund access through Fidelity

USAA Investment Management Company, which manages more than $47.3 billion in mutual fund assets and $8.2 billion in managed accounts as of Dec. 31, 2010, today announced it will provide expanded access to 18 USAA equity and fixed-income mutual funds through Fidelity Investment's online platform.

"Investors want easier access to our mutual funds, and our strategy is to give them that access through leading online platforms such as Fidelity"

The 18 funds include fixed-income funds*, and the USAA Precious Metals and Minerals Fund (USAGX), the No. 1-performing mutual fund over the 10-year period ended Dec. 31, 2010, according to Lipper

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MFS launches global multi-asset and absolute return mutual funds

MFS Investment Management® (MFS®) has launched MFS® Global Multi-Asset Fund (GLMAX) and MFS® Absolute Return Fund (MRNAX). The funds represent the latest additions to MFS' broad line of asset allocation funds and meet the growing demand from advisors and investors for diversified, outcome-oriented, single-fund investment solutions.

"A growing trend for more than a decade, advisors and investors have sought new solutions for a greater level of diversification and risk management within a single fund," said James A. Jessee, president of MFS Fund Distributors, Inc., the U.S. mutual fund sales division of MFS. "More and more, investors are looking for investment solutions that have the potential to provide attractive risk-adjusted returns in all environments with less volatility than the market."

MFS Global Multi-Asset Fund's investment objective is to seek total return. MFS seeks to achieve the fund's objective by 1.) strategically allocating the fund's assets to a mix of asset classes (e.g., global equities, real estate-related investments, commodity-related investments, and global corporate and government bonds, including inflation-adjusted debt instruments), 2.) tactically managing the fund's exposure to asset classes, markets, and currencies and 3.) selecting individual securities within each asset class.

MFS Absolute Return Fund's investment objective is to seek total return. MFS employs an absolute return investment approach, seeking to earn a positive return regardless of market conditions. MFS seeks to achieve the fund's objective by generating returns from a combination of individual security selection of primarily debt instruments and a tactical asset allocation overlay to manage the fund's exposure to asset classes, markets, and currencies.

"We believe these new funds meet evolving long-term investor needs for more consistent returns by combining diversification, flexibility, and active security selection," Jessee added

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Vanguard to launch actively managed emerging markets stock fund with multi-managed approach

Vanguard has filed a registration statement with the U.S. Securities and Exchange Commission for an actively managed emerging markets equity fund that will complement the firm's existing emerging markets index fund. The new fund will be managed by four advisors, each of which will initially oversee 25% of the fund's assets.

The advisors are:

• M&G Investment Management Limited, which is an advisor to two Vanguard funds—the $5 billion Vanguard Precious Metals and Mining Fund since its inception in 1984 and a portion of the $18.3 billion Vanguard International Growth Fund since 2008. Portfolio managers Matthew Vaight and Michael Godfrey will use a valuation-based, return on capital-focused approach to create a portfolio with no country or sector constraints.
• Oaktree Capital Management, L.P., which has served as advisor to the $2 billion Vanguard Convertible Securities Fund since 1996. The portfolio managers, Tim Jensen and Frank Carroll, will employ a bottom-up research process to invest in a diversified portfolio, limiting exposures by country and industry to avoid concentrated bets.
• Pzena Investment Management, LLC, which has provided investment advisory services to the $47 million Vanguard U.S. Fundamental Value Fund since 2005. (This fund is domiciled in Dublin, Ireland, and is available only to non U.S. investors.) The firm will follow a deep value strategy to invest in stocks based on the research of the three portfolio managers, John Goetz, Caroline Cai, and Allison Fisch, supported by a team of analysts.
• Wellington Management Company, LLP, which serves in an advisory capacity for 19 Vanguard funds representing $195 billion in assets. Wellington has partnered with Vanguard since Vanguard's inception in 1975. Portfolio manager Cheryl Duckworth, along with the deep experience of Wellington's team of global industry analysts, will seek to add value through in-depth fundamental research.