Fund executives who have been waiting for FinancialServicesInstitute.com to cut the ribbon need wait no longer: the reincarnation of
MutualFunds.com has been officially canceled. The site closed it doors last Friday and visitors interested in purchasing the URL are directed to GreatDomains.com.
The firm's president and chief executive officer,
Bruce Speca, announced in an early September internal memo that the venture was languishing and staff were invited to find positions elsewhere.
At the end of September, MutualFunds.com's domain name went on the block with the hopes that a fresh infusion of capital would breathe life into the dot-com. The firm has shuttered since it has seen no takers at the $1.5 million asking price on GreatDomains.com's domain name clearing house site.
"The response we got was overwhelming," said
Jonathan Fayman, a W.R. Hambrecht analyst who has been serving on MutualFunds.com's board of managers. He had taken on the task of vending the domain name but said the job became too demanding.
"I had a number of substantial bids come through, and I was getting several calls a day," asserted Fayman. "We thought it was better to have a full-time broker take on the job." Nonetheless, the domain name remains unsold and the board is focusing its attention on selling it. "We clearly have an agenda in front of us of what we need to accomplish," Fayman stated. With 34 other domain names, many in the mutual fund area, the group may have additional assets to sell, but Fayman was unwilling to comment on the direction MutualFunds.com is presently taking.
Employees who had stayed on were not paid for the month of October, and had been leaving steadily until MutualFunds.com officially closed its doors on Friday.
A report in
InvestmentNews says that some former employees have landed positions at American Skandia and PFPC and that both firms are considering taking up the MutualFunds.com concept.
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