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Rating:Odd Lots, February 23, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, February 23, 2000

Odd Lots, February 23, 2000

Reported by Hayley Green

Mellon starts separate accounts
From The Wall Street Journal
Mellon Financial Corp. is managing investors' money outside its mutual fund line. The firm already has begun to let the skipper of its large-company Dreyfus Appreciation Fund, Fayez Sarofim, pick stocks for a separate account alternative for investors interested in the services of managers who head the Dreyfus Premier Technology Growth Fund and Dreyfus Premier Third Century Fund. This type of service is traditionally available only to large institutional investors such as pension plans and foundations. Dreyfus is setting the minimum at $100,000, although some securities brokers may set higher minimums for participation in the program. In coming months, fund firms MFS Investments and OppenheimerFunds plan to launch similar account programs. John Nuveen, Alliance Capital Management, Janus Capital and Eaton Vance already offer the service to wealthy individuals.

Fidelity sees 24% jump on the Web
From The Boston Globe
Fidelity Investments said clients' Web stock trades leaped 24% in January as online accounts and assets increased. The Boston-based firm said clients used its Web site to make a daily average of 114,415 stock trades, up from 92,008 in December. Online accounts rose 240,000 to 3,706,000, and online assets rose $4 billion to $273 billion during the month. Online brokers' trades rose more than 15% in January following a record 50% increase during the fourth quarter, according to Chase/Hambrecht & Quist. Clients are increasingly using the Web to make trades, with 83% of stock transactions and 37% of mutual fund trades made online in January, leaping from 82% and 32%, respectively, in December. Mutual fund trades grew 76% during the month. Total daily trades through Web and traditional means rose 34%. Total online stock and fund trades also rose 34%, Fidelity said.

Is Jacob loosing his touch?
From TheStreet.com
The Jacob Internet fund launched on Dec.13, is following in the footsteps of the Internet fund started in 1998, and formerly managed by Ryan Jacob. But the new JAM fund's approach isn't paying off so far this year -- Jacob's new fund is down 2.5% since Jan. 1 and is trailing most of its competitors, including the old fund.

Rydex prices twice a day
From Morningstar.com
Rydex funds said it will soon have the first Internet-based collection of leveraged index funds that will be priced more than once a day. In SEC filings and promotional materials on its Web site, Rydex says the new funds answer the demand for mutual funds with more intraday trading capabilities. Rydex's Dynamic Funds, which were registered with the SEC last fall and should go on sale this quarter, will arrive as a host of exchange-traded funds, which can be bought and sold throughout the day like individual stocks. The new Rydex funds also arrive as the industry continues to question how and when it should price fund shares of open-end mutual funds when round-the-clock trading becomes the norm. Currently only Fidelity Investments offers intraday pricing for some of its sector funds.  

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