Enterprise Capital Management has filed registration for two new funds; Brinson Advisors' Kirk Barneby will manage the Enterprise Strategic Allocation Fund; while PIMCO's Bill Gross will manage the Enterprise Total Return Fund.
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In its quarterly review of mutual funds, Barron's expounds upon the glut in the fund market created by fund complexes that have launched a slew of new funds in an effort to appeal to all investors and cash in on the latest trend. From April of 2000 to April of 2001, the number of stock funds increased by 11.8 percent while the S&P 500 fell 13.5 percent. However, it appears as if the bear market has stymied fund expansion: 413 stock funds and 323 bond/money market funds were liquidated in the 15 months from the end of 1999 through the first quarter of 2000, according to data from Strategic Insight.
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CapitalBank, a South Carolina based bank with 12 branches, is forming a wealth management group.
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