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Rating:Vanguard Reacts to Economic Climate Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, April 10, 2001

Vanguard Reacts to Economic Climate

Reported by InvestmentWires Staff, 

In a response to the market downturn, the Vanguard Group announced yesterday the re-opening of two funds to new shareholder accounts: the Vanguard Capital Opportunity Fund ($4.6 billion) presently accepts new accounts, and the Vanguard PRIMECAP Fund ($19.1 billion AUM) will open to new accounts on April 23, 2001. Additionally, Vanguard will liquidate the Vanguard Preferred Stock Fund ($189 million AUM)and the Vanguard Global Asset Allocation Fund ($106 million AUM) on April 6.
(added 2:46 PM)

* * *

AIG has signed a confidentiality agreement with American General, beginning immediate talks regarding AIG's acquisition offer. The announcement increases the likelihood that Prudential PLC-American General merger will not occur, thereby affecting the chances of Liberty Financial's sale.
(added 2:56 PM)

* * *

KeyCorp Asset Management is changing its name to Victory Capital Management, with investment management subsidiaries Gradison McDonald Asset Management and Spears, Benzak, Salomon & Farrell adopting the new name in about six months.
(added 3:26 PM)

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Morningstar has published the newest version of the Morningstar Mutual Fund 500, complete with reports. Will your shareholders be redeeming?
(added 3:34 PM)

* * *

Franklin Templeton completed the acquistion of Fiduciary Trust today. The San Mateo, California-based fund complex acquired the high-net-worth asset manager in order to gain entry into that coveted space. The new entity has approximately $260.8 billion in worldwide assets under management.
(added 3:58 PM)

* * *

Renaissance Investment Management, an affiliate of Boston-based AMG, and Bowling Portfolio Management have agreed to merge. AMG will own a majority of the combined firm, bringing its assets under management to a total $1.1 billion, and Renaissance's and Bowling's investment teams and processes will remain unchanged.
(added 4:07 PM)

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