Now you see it ... now it's closed
From The Los Angeles Times
Although Merrill Lynch is seeing net outflows for most of its stock and bond funds, this is certainly not the case for its new Internet Fund, which garnered $1.1 billion in assets in its first two weeks of business. After that brief exposure to the investing public, Merrill said on Monday that it would be closing the young fund to new investments. The fund was first presented to 14,000 of Merrill's clients at a technology conference the financial services giant sponsored.
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Closures climbing
From The Wall Street Journal
An increasing number of funds is closing thje doors to new investors. This month alone, at least six well-known fund companies have closed to new investors. Rising inflows are due to the boom in tech stocks, and in the recovery of the small-cap market. Such huge inflows can be disruptive for small-cap managers, who need to move nimbly through territory often marked by relatively thin trading. Several variable annuities have also closed.

Cheung says ciao
From Morningstar
After posting incredible returns in 1999, Alexander Cheung, manager of the Monument Internet and Medical Sciences funds, has left Monument to start his own firm, Long Bow Capital Management. The loss of the high visibility Cheung is a huge blow to tiny Monument, and leaves several holes for the firm to fill. Long Bow, Cheung's new firm, will offer mutual funds and private accounts invested in Internet and biotechnology stocks.
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