Janus Marketer Foresees Slower Sales
From Wall Street Journal
Janus Capital is planning for the tide to flow back out. In a page one story, the paper reports on an internal memo from Janus marketing chief Stuart Novek that was circulated to senior staff. In the memo he says that Janus' growth may be over, possibly forever. He then lays out a strategy to use the Internet to cut costs and improve customer service. One goal is to shift simple information requests from phone reps to the Web. To do this, Janus is planning a transactional Web site that is scheduled to debut next month. Investors will also be able to open accounts on the site.
Merger May Make Largest Canadian Fund Firm
From Wall Street Journal
Two Canadian fund firms may merge, but the deal won't be friendly. Mackenzie Financial's management turned its thumbs down on $2.54 billion unsolicited bid from C.I. Fund Management, calling it "too small." The rejection is seen as opening the doors to American fund firms to play the role of white knight. C.I. is expected to push for the deal and mail the offer to shareholders in the next two weeks. If it is successful the combination would create Canada's largest mutual-fund company with C$58.47 billion in assets under management.
Growth Funds Turn to GARP
From Investors Business Daily
Growth and value fund managers are coming together as the New Economy fervor recedes. Growth managers are taking valuation pages from the value managers' book, says the article. Quoted in the article are: Mark Regan, manager of MFS Mid-Cap Growth Fund, Richard Keim, principal of Keim Wilson Asset Management, and Larry Siebert of Barrett Associates.
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