For Mutual Funds, California Here They Come

Massachusetts can no longer claim the title as investment-management hub of the nation, as the Golden State of California now shines as the center of mutual fund activity. Bloomberg News notes that five of the top 12 managers are located in California, including American Funds, Franklin Resources and Dodge & Cox, while Massachusetts is the home to just two, including Fidelity Investments. Even New York has more (three), and will add a fourth when BlackRock takes over Merrill Lynch's money-management business. In another apparent snub to the old hub, Harvard Endowment has tapped Mohamed El-Erian of Southern California's PIMCO to succeed Jack Meyer as its head.