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Rating:June 29, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, June 29, 2000

June 29, 2000

Reported by Sean Hanna, Editor in Chief

Ops snafu leaves Deutsche retail investors behind
From Financial Times
Retail investors' returns in the this year's top European fund trail investors in the same funds institutional shares by 10 percent. What's up? The Deutsche European Equity fund has gained 97.33 percent year-to-date for its institutional shareholders against an 87.70 percent gain in the same funds retail share class. The performance difference between the two share classes should not typically differ by more than 100 basis points. Ross Youngman, a managing director and head of Deutsche Asset Management's mutual fund group, explained that some investors were erroneously placed in the wrong share class. The article quotes Lipper Analytics as reporting that the net asset value of the institutional share class by $1.02 on February 8, while the retail class increase by 80 cents. On February 22, the institutional class lost 14 cents in value, while the retail class lost $1.19.

More on BofA-Marsico
From Wall Street Journal
The speculation over the sky-high price Bank of America paid for Marsico has begun. Today's Journal speculates that Marsico must have extraordinary margins to justify the price. Marsico admits that they are "substantial". He elaborated that the price that Bank of America is paying is "very fair given our profitability" and that Marsico spends little on marketing the funds and "virtually no money" on advertising. The company has 38 enployees. Bank of America said that the acquisition will add to earnings immediately.

FPA petitions SEC for more disclosure
From Los Angeles Times
The Financial Planning Association has petitioned the SEC to require all funds to report holdings more often. The move came as the commission is reviewing the manner and timing that funds disclose holdings. The current twice-annual requirement "means financial planners' mutual fund recommendations could be based on information that is as much as eight months old," said the petition, signed by Duane Thompson, the group's director of government relations. The FPA also called for specialized funds to be required to invest a "more meaningful" percentage of their assets in the designated specialty that the 65 percent of assets currently required.

European Fund Markets
From Wall Street Journal
More than a dozen fund supermarkets are expected to open this year, according to Booz, Allen & Hamilton. Yet, only two or three should gather most business in Europe, says the report. The leaders in the U.K. are Fidelity FundsNet, Egg PLC and Barclays Bank PLC with Interactive Investor International PLC, Virgin and Schwab waiting in the wings. Credit Suisse Group wieghs in on the Continent with its Zurich-based Fund Lab 730 funds from 30 different companies). Paribas SA's e-cortal, (1,000 plus funds) is ahead in France.

Conseco Taps GE's Wendt
From New York Times
Rumors of a new head for Conseco sent the companies shares up 17 percent. Sure enough, the rumors were on target. Gary C. Wendt will be its new chief executive. Wendt's formerly headed GE Capital Services were he spent 15 years and grew earnings to nearly $4 billion from $300 million.  

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