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Rating:April 26, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 26, 2000

April 26, 2000

Reported by Paul Braverman

Janus v. KCSI
From SmartMoney.com
Janus has been arguing for months with its parent company, Kansas City Southern Industries, about KCSI's plan to merge Janus with three smaller financial-services companies, forming the holding company Stilwell Financial. Things may get even uglier. In its 1999 annual report, Kansas City Southern lays out the legal framework for the removal of Janus CEO Thomas Bailey. It also states that, "The removal of Bailey would not result in significant harm..." and that firing Bailey wouldn't cause a mass exodus of other Janus executives or fund managers because of the fund company's prominence and high salaries. Bailey is the point man in the spin-off protest, arguing that Janus is the gem among the lesser-known, less-profitable financial companies. The merger would also crimp Janus' freedom to award bonuses and options, and Janus wouldn't have a representative on Stilwell's board. But KCSI is moving ahead with the plan.

Earnings for everyone
From The Wall Street Journal
Fund companies are reaping in the money. T. Rowe Price is enjoying record quarterly earnings. Revenue for the period totaled $316 million, a 29 percent increase over the comparable quarter last year. Total assets under management reached $185 billion, an increase of $36 billion from March 31, 1999, and $5.3 billion from the end of 1999. Gabelli Asset Management also reported record earnings in the first quarter. Total revenue surged 46% and assets under management averaged $22 billion, compared to $17 billion during the first quarter of 1999. Meanwhile, at Liberty Financial Companies, net operating income rose to $32 million, compared to $29 million for the same period of 1999.

PBHG management moves
From Morningstar.com
The new management picture at PBHG is taking shape. Michael Sutton is taking over Select Equity and Gary Pilgrim will run New Opportunities. Pilgrim is the longtime manager of the flagship PBHG Growth fund. He has been leading a team that managed both funds after manager Quint Slattery left earlier this month to start a venture-capital firm. Sutton previously had success with PBHG Large Cap 20 and the Large Cap Growth funds.

e-harmon e-launches e-fund
From The Wall Street Journal
The mutual-fund industry has been slower to embrace the Web than many industries. But Internet columnist Steve Harmon and his financial Web site e-harmon.com are trying to change that by launching an Internet fund over cyberspace. During the three-week subscription period, the e-harmon Internet Fund will be available without a fee to customers who invest directly by phone or through the Web site. The new fund, which will be co-managed by former Barclays manager Lisa Cavallari, will fight current market trends and invest in tech stocks world-wide. The e-harmon fund is the latest in a string of new launches by an emerging breed of Internet-related financial firms. Over the past year, brand-new financial companies such as X.com and StockJungle.com have set up Web storefronts and used the cyberspace platforms to set up and sell mutual funds to the public.

MFS reallowance
From TheStreet.com
Signaling that selling tech funds isn't as easy as it used to be, Boston-based mutual fund giant MFS is boosting commissions for brokerages that sell its new MFS Technology fund. The firm is offering an additional 0.5% of the amount invested in class A and B shares of the fund sold during May. Raising commissions on certain funds is known as "full-dealer reallowance." The practice has many critics, who say that offering a higher payout can motivate less scrupulous brokers to sell a fund for its higher commission, rather than its suitability. Industry veterans say the practice is simply a way for a fund company to get brokers' attention in an increasingly crowded market.  

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