Analysts say Janus is cheap
From New York Times
Is Janus undervalued? That is the question as the fund company completes it spin off as a part of Stilwell Financial from Kansas City Southern Industries after the market close today. The Times points out that if Janus were priced at the same level as Marsico Funds (7.3 percent of assets) its $309 billion in assets under management would be worth more than $20 billion. Yet the market is valuing Stilwell -- which trades on a when-issued basis -- at just $9.8 billion as of yesterday's close. The paper notes that Janus has been on a tear with assets quadrupling since the end of 1997 and a fund group that outsells Fidelity and Vanguard. Although many analsyts claim Janus would be more valuable if shorne from Berger and DST, other disagree. One problem, separating Janus would crate tax headaches.

Fund managers see slowing economic growth
From Wall Street Journal
Fund managers believe that growth in the global economy will slow over the next twelve months according to Merrill Lynch & Co.'s monthly survey of global fund managers. The also expect interest rates to rise. Managers grew more defensive, saying that their favorite sectors are financial and health care, and that they are negative on basic materials, transportation and capital goods.

Union at the SEC?
From Wall Street Journal
The Securities and Exchange Commission may be soon facing union negotiations. Employees of the commission will vote tomorrow on whether to form a collective bargaining unit. If formed, the union would represent 1,900 employees including lawyers, accountants and support staff. It would be a part of the National Treasury Employees Union which already represents 155,000 Federal workers. The SEC opposes the plan, instead favoring the creation of six regional bargaining units.

Of interest

TheStreet.com takes a look a the multitude of new wireless sector funds.

Smart Money reviews the week in funds.

Dresdner RCM is taking a unique strategy to research potential investments, according to TheStreet.com. It is hiring freelance reports for research.  

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