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Thursday, February 26, 2009

E*Trade's Exit from Fund Management Draws The Journal's Notice

by: Armie Margaret Lee

E*Trade's decision to depart the mutual fund management business (see The MFWire, 02/25/09) is the subject of Thursday's Wall Street Journal Fund Track column. The article, penned by Sam Mamudi, first appeared on WSJ sister publication MarketWatch Wednesday morning.

"Please be assured that this decision has nothing at all to do with the financial health of E*Trade Financial, which has been, and continues to be, very well capitalized by every applicable regulatory standard," Mamudi quotes E*Trade officials as stating in an e-mail to clients.

The lower portion of the Fund Track column is devoted to Eaton Vance's results for its fiscal first quarter unveiled Wednesday morning (see The MFWire, 02/25/09). The Boston investment manager saw net income drop 57 percent due to a decline in revenue and fees. 

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