Truth in advertising
From The Wall Street Journal
Some mutual funds have gotten in trouble for hyping huge 1999 gains while burying risks in footnotes. No problem for the IPS Millennium Fund, though. It warns investors that it buys "scary stuff" like Internet stocks and can "get killed" if those stocks tank. "Don't come crying to us if we lose all your money, and you wind up a Dumpster Dude or a Basket Lady rooting for aluminum cans in your old age," the ad reads. The warning, which is intended to meet the "plain language" requirements that the SEC instituted in December, raised a few eyebrows with the fund's lawyers and the SEC.

Bogle profile
From CBSMarketwatch.com
After decades of emphasizing low-cost, low-maintenance mutual funds, John Bogle has earned his reputation as a man of the people, a reputation he maintains by eating lunch in the company cafeteria. And although he has reached Vanguard's mandatory retirement age, he's opened an office around the corner, so he's never far away.

Merrill mergers
From Morningstar
Merrill Lynch is asking shareholders to approve two mergers: one of its Asset Income fund with its Global Allocation, and a second of its tiny Middle East/Africa fund with the Developing Capital Markets fund. The first merger is consistent with Merrill's plans to clarify its fund lineup, and it involves two international-hybrid offerings with similar strategies. The other merger is less convincing, since the funds concentrate on different parts of the globe. These mergers may be only the beginning of Merrill's plan to simplify its fund lineup.

Stansky (Brian) leaves
From Morningstar
Brian Stansky, who manages T. Rowe Price Health Sciences fund, is leaving to run a hedge fund in Boston. He will be replaced by Rob Gensler and Kris Jenner, analysts on the fund.

Prudential launch
From Morningstar
Prudential will launch its new Jennison International Growth fund today. Blair Boyer and Howard Moss will co-manage. The fund will have a portfolio of approximately 60 stocks, primarily large- and mid-cap stocks in Europe, the United Kingdom, and the Pacific Basin.

New Opportunities is a quick opportunity
From TheStreet.com
Only days after reopening, the Putnam New Opportunities fund will close again at the close of business Friday. The fund has already taken in $800 million since it reopened ten days ago. The fund performed well in the '90s, but its size has started to get in the way, and has changed the focus of the fund from small-cap growth to larger-cap stocks.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE