Thursday Stock Flows Hit $17 Billion
From TheStreet.com
Investors pulled a record $13.1 billion from stock funds on Tuesday. On Thursday that money went right back in. TrimTabs.com estimates Thursday's flows into stock funds at $17.2 Billion -- a new record. Net for the week was $5.3 billion, slightly ahead of the first week of 2000.
MorganOnline Lets Go Marketers
From Wall Street Journal
J.P. Morgan is using its merger with Chase as an explanation for the cuts of 150 marketers, salespeople and client acquirers from Morgan OnLine, its private-banking Web site. An additional 100 employees, primarily technologists will retain their jobs developing the site. "Client acquisition is no longer the primary goal -- client retention is," a spokesperson is quoted as saying. The site charges $2,500 annually and requires an initial investment of $10,000. It offers stock trades, professional advice, wealth-management services, tax and estate-planning and account-aggregation features. The firm is reportedly mulling over making the service a non-additional fee feature of its private-banking package.
Old Mutual Reorg's UAM
From Wall Street Journal
Old Mutual will concentrate into three groups. Pilgrim Baxter will head the mutual funds group. The Old Mutual Asset Managers (U.S.) group will consist of six firms controlling $70 billion. The survivors are: Analytic Investors of Los Angeles; Barrow, Hanley, Mewhinney & Strauss Inc. of Dallas; Clay Finlay Inc. of New York; Dwight Asset Management Co. of Burlington, Vermont; NWQ Investment Management Co. of Los Angeles; and Provident Investment Counsel of Pasadena, California. The remaining group will be "UAM affiliates" which will also have about $70 billion.
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