Vanguard versus the environment
From Philadelphia Inquirer
Vanguard is known as the investor's best friend, but that feeling isn't shared by some Pennsylvania residents. Attorneys for the Valley Creek Coalition, made up of eight environmental and wildlife protection organizations, filed an appeal yesterday with the Pennsylvania Environmental Hearing Board, alleging that Vanguard's building expansion plans will lead to stormwater pollution of the Valley Creek watershed. A Vanguard spokesman said the firm was acting responsibly by not developing as much as it could, and was in full compliance with all regulatory guidelines.
From Wall Street Journal
Fund companies are taking a new approach in order to attract customers. They're splitting funds into load and no-load clones. The reason--industry statistics suggest a large and growing share of fund sales are taking place through advisers. Many of these intermediaries handle only load funds, putting them off-limits to traditional no-load firms. Scudder Kemper is among the most recent to join this group, which includes Invesco, Strong, Gabelli and Amerindo. Some question whether an adviser is ethically obliged to mention the lower-cost no-load version, and whether fund companies must establish a separate product line for advisers.
State Street steps up
State Street Bank is increasing its high-risk presence. The firm is launching three new non-diversified funds--Technology, Concentrated Growth and Concentrated International. The firm is also giving some of its older funds a technology boost by filling them with more tech stocks. Results to date are mixed.
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