Filings for New Funds Plummet
From Wall Street Journal
The fund industry is introducing fewer funds. Strategic Insight reports that fund firms filed documents for 58 new stock funds in December, compared to 150 in December 1999 and 61 in November. For the entire year 858 filings were submitted compared to 812 in 1999. The article adds that six to 10 filings every month have been for partnership funds recently. Other popular themes were small and emerging stock funds, IPOs and "flexible" multicap funds, according to the paper.
Schwab Faces New York Rents
From Crain's New York
Charles Schwab is building its presence in the New York City area. Recently Schwab inked a lease for 275,000 square feet at the Harborside Financial Center Plaza 10 in New Jersey. In October, the broker had leased 300,000 square feet in the space in a 15-year deal. The new lease means that Schwab is taking the entire class A building. The building will serve as Schwab’s new East Coast regional headquarters and is expected to be completed in 2002.
Investors Ragged on Value Funds
From USA Today
USA Today cruised the archives of Morningstar.com's fund chat room to reveal the extent of the disdain with which fund investors regarded value funds a year ago. Among the gems: ''This fund should change its name to the Schaffer (sic) Valueless Fund. Schaffer should have been fired a long time ago''; ''Is Dreman deamin'? I can't help but think David Dreman has lost his touch''; ''Sanborn should give up stock picking and start sacking groceries. What a joke!''