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Wednesday, November 15, 2000

Fund Family is "X'ed"

Reported by Tamiko Toland

Dot-com firms' forays into the fund business continue to hit snags. The latest to rethink its strategy is X.com, which was building an asset management unit under ex-Oppenheimer Funds executive John Story.

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SEC LINKS
Statement of Closing
Money Market Fund Prospectus
It turns out that today is the last day to pick up shares in X.com's doomed mutual fund as the Palo Alto company is shutting all of its funds save a money market fund after less than a year.

"X.com Asset Management, the investment adviser to the X.com Funds, has decided to discontinue the traditional mutual fund business of the X.com Funds," the company said in an October 27 SEC filing. "The entire X.com organization will instead focus on domestic and global payment services through its PayPal business."

So, what is John Story up to now? With the shift in business focus, will the lauded exec spend his time managing X.com's sole remaining fund (a money market fund)?

"He is very much in the same capacity as he had been," said an X.com employee. Reluctant to comment further, he asserted that Story continues to maintain a presence, adding, "I just saw him twenty minutes ago." 

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