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Rating:Odd Lots, June 29, 1999 Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, June 29, 1999

Odd Lots, June 29, 1999

Reported by Sean Hanna, Editor in Chief

Scudder closes offices; turns to Web
From The Wall Street Journal -- subscribers only
Scudder is laying off 100 to 120 employees from its fund group, transferring another 100 to 120 to BFDS, closing its five retail branches and turning off the dial-tone in two of its four call centers. Why? "Direct physical distribution" of mutual funds no longer "has much of a future." Instead, "there's a magical new world around e-commerce," the paper quotes Mark Casady, mutual funds director of Scudder Kemper as saying. Scudder will also trim back its fund offerings from its current 67. Sales stall with Summer heat
From The Wall Street Journal -- subscribers only
The fund business appears to have already entered the Summer doldrums as fund companies report sales below May levels. May was the second best month of the year with stock fund sales totaling $16.4 billion and bond sales of negative $1.9 billion. April was the top month with stock sales of $25.8 billion and bond sales of $1.67 billion, according to the ICI.

Fund Complex Est.
Vanguard Group $2,200 $3,500
Founders Funds -$15 -$23
Strong Funds Flat sales
Stein Roe & Farnham Flat sales
Source: The Wall Street Journal

The paper also reports that 71% of the fund industry's net sales through May ended up in the coffers of Vanguard, Fidelity and Janus. Fifteen of the top selling 25 funds were from these three complexes.

Amerindo shareholders face cap gains surprise
From TheStreet.com
Amerindo Technology, one of the top gainers during the first quarter and a fund that has come under speculation that it has gone to cash, will be springing an outsized capital gains distribution to its shareholders unless it realizes some significant losses. TheStreet.com reports that the fund had realized capital gains amounting to 55% of its net asset value as of April 30, according to its prospectus. any gains have to be distributed to shareholders by October 31, the end of its fiscal year.

ICI rules could cost Lynch board seat
From The New York Post
The fund Board guidelines being circulated by the ICI could force Fidelity's Peter Lynch off of the board of Fidelity funds, worries Beth Piskora. She explains that the rules limit the number of inside directors and that retired fund managers such as Peter Lynch and Franklin Templeton's Michael Price.

The NYSE wines and dines Colombian Marxists
From The New York Post
What was Richard Grasso, president of the New York Stock Exchange (NYSE) doing dining in the jungles of Colombia with Marxist guerillas and the Colombian finance minister last weekend? He was educating the Marxists on the benefits of capitalism, of course. Colombian President Andres Pastrana invited Grasso to tell the guerillas about the benefits of capitalism when the two met in New York two weeks ago. Oh yes, the U.S. State Department broke off relations with the guerillas when they killed three Americans earlier this year.

More on Fidelity/Lehman
From The Boston Globe
The paper follows up on yesterday's announced alliance between Fidelity an Lehman Brothers.


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