Scudder Kemper to cut its fund roster
From The Boston Herald
Beth Healey reports in today's On State Street column that Scudder Kemper is reviewing its fund roster with an eye to making cuts. The article also raises the possibility that Scudder may convert its no-load funds to load funds so that they can be distributed by Kemper's salesforce (the AARP funds would likely be exempt). A Scudder spokesperson quoted in the article scoffs at that idea. At the very least Healey reports that Scudder will cut funds with overlapping objectives. The article points out plenty of overlap: Scudder has a Growth and Income fund and a Dividend and Growth fund. It has Large Growth, Classic Growth and S&P 500. Meanwhile Kemper offers Growth, Blue Chip, Value & Growth and Growth & Income.

TheStreet.com and offers additional coverage.

S&P strikes two from Putnam
From The Wall Street Journal -- password needed
Standard & Poor's has deleted both the Putnam Vista Fund and the Putnam Investors Fund from its Select List. The WSJ reports that the action was taken by S&P because Putnam only supplies portfolio data twice per year -- or too infrequently to suit S&P's analysts. Quarterly disclosure of portfolio holdings has always been a requirement for inclusion on the Select List. So how did Putnam get the funds on in the first place. The paper reports that it was a misunderstanding. S&P believed Putnam would change its reporting frequency. Obviously it will not.

Are advisors in for a worse shakeout than fund cos?
From The Wall Street Journal -- password needed
Ready for a world with just 40 to 50 investment advisory firms. That is the final play of a shakeout predicted in a new report being circulated by Undiscovered Managers. Today there are 11,000 or so investment advisory firms. The report predicts that the consolidation will result from larger managers undercutting the prices of smaller advisors while they offer added services. If this report is on target, look for advisory firms with heft and marketing savvy to survive.

CNBC buys piece of ECN
From The Chicago Tribune
CNBC, a unit of General Electric and the leading financial news network has taken the surprising step of investing in Archipelago, an electronic trading network or ECN. CNBC is one of five institutional investors in a round estimated at $150 million in value. Watchers are surprised since the investment creates a seeming conflict of interest for the news service that has regular coverage of the exchanges.

TheStreet.com the Los Angeles Times offer additional coverage.

More of Interest

The Philadelphia Daily News reruns an article from the S.F. Examiner on socially responsible funds. 

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