Schwab Reorganizes!
From Wall Street Journal
Charles Schwab is reorganizing. The San Francisco-based brokerage has created an office of the president to provide strategic direction. Under this scheme, Lennet F. Deily, vice chair and former head of the Schwab Retail Enterprise will report to co-CEO David Pottrock. Steven L. Scheid, vice chair and former head of the company's financial products and services enterprise, will replace Deily as president of the retail enterprise. It is also forming an executive committee to streamline decision making made up of: Co-CEO Charles R. Schwab, Pottruck, Deily, Scheid, and others reporting to Mr. Pottruck. Dawn G. Lepore, vice chair and chief information officer, will be responsible for the newly formed Global Wireless Group and John P. Coghlan, vice chair and enterprise president of Schwab Institutional, will oversee Schwab's Mutual Funds Enterprise. Christopher V. Dodds, executive vice president and chief financial officer, will also oversee Global Risk Management. Beth G. Sawi, executive vice president and chief administrative officer, will oversee corporate services, which is compromised of Schwab's real estate and other internal administrative services.

An Investment Company by Another Name?
From Boston Globe
Haven't heard of a MSIC? The combination of letters stands for a managerial strategic investment company. The new form of company has been approved by the Securities and Exchange Commission and allows a firm to hold investments in other firms without registering as an investment company. The first firm to take advantage of the structure is XSource Inc., a collection of applications service providers and software start-ups. The new firm is intended to allow a managerial company to make minority investments in public companies and provide managerial services to those investments. Look for companies such as ICG, CMGI, and other tech investors to take advantage of this form.

Bay Area Funds are Tops
From San Francisco Chronicle
The Bay Area paper highlights two of San Francisco own funds: Dresdner RCM Global Technology fund and Firsthand Value Technology fund. Both rank number one in their respective peer groups, according to the paper.

More Third Quarter Performance
From Wall Street Journal and Boston Globe
Lipper's figures on third quarter performance continue to make the rounds. The fund tracker found that value stocks led the pack in the three months ending last Friday. The Associated Press notes that "nearly every mutual fund category gained ground in the third quarter, recovering at least some of the losses that followed a massive selloff in the US stock markets last spring."

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