Lipper Says He Could Have Been Better Used
From New York Post
A.Michael Lipper tells the paper “he could have been used a lot more effectively.” The paper reports that the founder of Lipper Analytics sounded “deflated” during an interview with the paper from his home office. “As a shareholder, I didn't think they got as much value (by using my services) as they could have," Lipper told The Post. The paper also reports that Lipper may have been done in by a contract which left him with no operational role and which expired at the end of 2000.
Merrill FCs Get Unexpected Present
From New York Times
Financial consultants at Merrill Lynch are pleased as punch that Mother Merrill delayed the payment of shares under its stock bonus plan by a day. They ended it thankful for the timing difference that made them $40 million richer after the Fed made its interest rate move. The brokerage lets brokers set aside a portion of their commission each year to purchase stock that is turned over to the brokers after 10 years. Each year the grant is typically made at the close of the first trading day (which would have been Tuesday).. Instead, Merrill told the brokers that the transfer would be made Wednesday. After the Fed cut rates Merrill shares surged roughly 10 percent. Most brokers, who usually immediately flip the shares, would have missed the surge but for the delay. Merrill says the distribution was always scheduled for Wednesday.
Fidelity Keeps Top Spot in the UK
From Boston Globe
Fidelity International retained its spot as the largest mutual fund firm in the United Kingdom. The firm built on its lead over number two Schroders after earning above-average returns for its European funds in 2000. The Bermuda-based unit of Fidelity Investments claimed $24.6 billion in assets under management as of Nov. 30. Of the largest British fund firms -- Schroders, Merrill Lynch & Co and Prudential PLC's M&G Group – Fidelity was the only firm to see assets increase. The other firms saw their assets fall by an average of one percent. Schroders saw its assets declined by 13 percent. UK mutual fund assets rose 7 percent to $390 billion in 2000.