SSgA managers can't take clients
From The Boston Globe
Three State Street Global Advisors execs who last month defected to indexing rival Deutsche Bank have been barred from taking clients with them to their new jobs by a Massachusetts judge. Although the judge ruled that Dean Barr, Richard Goldman, and Joshua Feuerman did not violate their non-compete clauses by the job switch, they are unable to seek business from clients of SSgA until February 2001.

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  The Wall Street Journal-password required adds perspective on the exact terms of the non-compete clause and why it had Deutsche Bank arguing about how low they should be ranked in the industry. The executives legally would not be able to move to a top five asset manager, but as a P&I ranking that listed DB as number five was ruled out as the definitive ranking, the move was allowed.
  

Will they give away toasters too?
From The Boston Herald Fidelity, which already offers corporate and personal trust services through subsidiary Fidelity Management Trust Co., has received a savings and loan charter from federal regulators to operate a savings bank, to be called Fidelity Personal Trust Co. It will offer services nationwide that include acting as an investment adviser or custodian of trust funds or property held in trust, executing wills and acting as guardian of an estate or trustee of an IRA account.

Level-load growth anything but level
The Mutual Fund Cafe
Level-loads are attracting an astounding percentage of the new money in both the wholesale and captive channels, according to this week's Blue Plate Special over at the MFCafe. This year-to-date, level-load shares have taken a whopping 44% of sales, even with a minuscule 4.4% market share. Level-load shares have taken a hit from the decline in intermediary sold fund sales, losing 7% so far this year, but nothing close to the 49% decline in sales of B-shares, 61% decline in institutional sales or huge net redemptions of nearly $4 billion in A-shares.  

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