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Rating:September 11, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, September 11, 2000

September 11, 2000

Reported by Sean Hanna, Editor in Chief

ICI Calls for Folio Regulation
From Wall Street Journal
Fund companies are not taking the threat from Web-based fund alternatives called like folios lying down. The Journal reports that the Investment Company Institute has asked the SEC to "regulate these products as if they were traditional mutual funds." The paper says that the letter was sent to the Commission this summer. One area of concern is the differing rules governing advertising for folios versus funds. Another is disclosure - folios are not required to issue a prospectus.

Index Funds Face Tough Times
From Wall Street Journal
Index funds are facing trying times. For the first time in recent years some of these funds are seeing outflows, a development that may mean indexers were really picking the funds for their performance, not because they believed in efficient markets and low cost. In August, Vanguard 500 Index had an outflow of approximately $100 million, according to the article. It also estimates that Vanguard Total Market Index saw outflows of $90 million. So far this year index funds have gained 2.62 percent compared to 9.89 percent for actively managed equity funds.

Davis Selected Sold in Bargain
From Wall Street Journal
Don't use the sale price of Davis Selected Advisers as a guide to the current worth of a fund company. Shelby Davis is selling the firm for $11,000 to his son Chris. The sale of the firm, which has $30 billion in assets under management, is reportedly being made for estate-planning purposes. Both Chris and sin Andrew Davis will own half of the firm, but Chris will retain control of voting rights of the stock. The paper estimates that the firm could be worth as much $1.5 billion in the open market.

German Industry Wants Bolder Pension Reform
From Financial Times
Germany industry associations are asking the German government for a more sweeping overhaul of that nation's pension system, including a cut in the mandatory payment employers must make into the system. The proposed rate is 22 percent of compensation. Industry is calling for a rate of less than 20 percent. They are also calling for the statutory pension age to be raised to 67 from 65. The German labor department is set to share the details of its proposed pension bill in the next two weeks.

More Investors Want to Retire Early
From USA Today
Thanks to burgeoning retirement accounts, more individuals are saying they want to retire early. Forty-six percent of Generation Xers say they'll retire by age 60 as do one-third of baby-boomers, according to the 2000 Retirement Confidence Survey sponsored by the Employee Benefit Research Institute (EBRI), the American Savings Education Council and Greenwald & Associates.

The Inside Story of LTCM
From Wall Street Journal
Want to know how to lose enough money to need a $3.6 billion bailout? Today's Wall Street Journal has an interesting look at the debacle at Long-Term Capital Management. The story is an excerpt from a new book by Roger Lowenstein. 

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