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Rating:September 28, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, September 28, 2000

September 28, 2000

Reported by Sean Hanna, Editor in Chief

OppFunds Invests in Folio[fn] mimick
From New York Times
Oppenheimer Funds has taken a 15 percent stake in PersonaFund for $5 million with an option to purchase another 15 percent. The startup, whose majority investor is Tradeworx, is mimicking the folio concept pioneered by Folio[fn]. PersonaFund has a twist on the folio concept, however. Rather than creating baskets of stocks it will trade baskets of exchange-traded funds and will charge a 50 basis point annual fee. Folio[fn] itself has taken an investment from American Century's venture arm.

Schwab Overlooked Charging Frequent Fund Traders
From The Wall Street Journal
Charles Schwab & Co. is trying to collect fees from mutual fund accounts for which it overlooked collecting free-trader fees from during a six-month stretch earlier this year. Schwab said a computer-processing error caused it to fail to collect fees from fund holders who traded funds within 180 days. The supermarket giant informed account holders in a letter this week that their accounts would be charged up to $199 a trade. Ironically, the paper quotes Neuberger Berman's Peter Sundman as saying that his firm instituted a 2% short-term redemption fee because the supermarket's own fees were "having no effect".

Fund Flows on Pace for $200 billion Year
From Boston Globe
Funds are on track for a record-breaking year for cash flows into funds. Through August, the industry Financial Research Corp. reports that the industry has taken in $140.6 billion in net cash so far in 2000. That translates into $211 billion for the entire year if the pace is maintained, an increase of 43 percent from 1999. August's net cash flow was an estimated $14 billion. Meaning that last year's total of $148 billion may have been surpassed in September. Vanguard Group led sales in August.

Janus' String May End at 37
From The Wall Street Journal
Janus Funds are suffering their first monthly cash outflows in 32 months, a streak that dates to late 1997. Going into the final week of the month the fund company has suffered negative cash flows from its stock funds of $68.3 million, according to Janus. The fund firm says the outflows stem from its closing of five funds so far this year. Throw in its institutional and private accounts businesses and Janus says it still has positive net flows. So far in 2000, only 29% of Janus' funds outperformed similar funds, while in 1999 86% did so and all of its funds beat their peers in 1998, according to Morningstar.

Pension Bill To Change Distribution Rules
From The Wall Street Journal
A little noticed provision of the pension legislation currently being considered by Congress would let retirement plan participants who fail to make the mandatory withdrawals from their plan after age 70 1/2 due to clerical errors, poor decision or other snafus keep the money in the plan without penalty. The legislation directs the Treasury Department to update, simplify and finalize retirement-plan distribution rules by Dec. 31, 2001. Starting Jan. 1, 2002, retirement plan participants would likely have a one-year window to choose new beneficiaries and select different distribution methods to take advantage of the new rules. The article adds that the pension legislation, which the Senate was initially on track to vote on this week, is now on hold until next week and may end up being attached to a last-minute package of spending and other bills. 

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