Fleet to challenge Schwab
From New York Post
Quick & Reilly, now a unit of Fleet Boston Financial, is adding up to 500 jobs as part of a plan to challenge online brokers Charles Schwab and E*Trade Group, according to the paper. Three hundred of the jobs will be added in New York City. The unit, run by Thomas C. Quick is taking a four-pronged approach to building its business: it's reaching out to Fleet Boston customers, beefing up its call center, adding to its branch office staff and has purchased M.J. Meehan & Co., a specialist firm on the New York Stock Exchange.

Conseco restructures
From cbs.MarketWatch.com
The sixteen member of Conseco's investment management team that recently landed at Delaware Investments will soon have company as alumni. Conseco announced that it will eliminate five business lines under Conseco Finance -- asset-based lending, vendor finance, bank cards, transportation and park construction -- cut about 2,000 jobs.

More iShares from Barclays
From TheStreet.com
Barclays launched 10 more iShares funds today bringing the total number of exchange-traded funds (ETFs) it offers to 56. Altogether the iShares program has raised more than $2.6 billion in assets since its May debut.

Nokia hangs up on Janus
From TheStreet.com
Janus is known for making a few large bets on companies and spreading those holdings across multiple funds. In recent years this has put Janus on the top of the charts. However, the recent crash in cellphone maker Nokia's stock has multiple Janus funds feeling sick. Janus funds held 5.7 percent of Nokia's shares worth $13.4 billion as of March 30. On April 30, the stock was the No. 1 holding in seven of Janus' 15 stock funds, according to TheStreet.com. Yesterday, shares in the company fell more than 20 percent in value.

Index funds lose tax efficiency
From Wall Street Journal
The recent stellar bull market and more frequent changes among stocks in the major indices mean that these funds are making more more taxable distributions. From 1995 to 1997 only six index funds made capital-gains tax distributions of 10% or more of assets, according to Morningstar. In 1998 this number rose to 10 and in 1999 there were 11. The article also points out that nearly two dozen index funds distributed bigger amounts than the average U.S. stock fund. "There's this concept that all index funds are tax efficient, and it's just not true," complains Harold Evensky, a financial planner in Coral Gables, Florida in the article.

R.J. Reynolds to Offer Pension Payouts
From Los Angeles Times
Will the tobacco settlement have pension implications? R.J. Reynolds Tobacco Holdings Inc. denies that it will, but the company has offered a lump-sum payment to roughly 200 workers and retirees who have pensions valued at more than the amount the Pension Benefit Guaranty Corporation backs. RJR's portion of the Florida bill comes to $36.28.

Weill's Son leaves Citi
From Crains New York
The son of Citicorp Chief Executive Sanford Weill, Marc Weill, will be leaving the bank. He was already on a one to three month leave of absence that had started on May 31. William Heyman will take the younger whiles responsibilities as head of the firm’s investment portfolio. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE