MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 14, 2000 Odd Lots, March 14, 2000 Amerindo action From CBS Marketwatch.com Flush with success from its Technology fund, Amerindo Investment Advisors is making a number of moves. The company plans to launch two new funds: Internet B2B (Business-to-Business) and Health & Biotechnology. The funds should be available by the end of May. In addition, its flagship Amerindo Technology will be closed when its assets reach $1.5 billion, by which time Technology II should be ready go. Also featured in:  Morningstar SmartMoney.comFidelity robs Peter to pay Paul From Investment News Fidelity's online brokerage is soaring, but part of that growth is coming at the expense of its mutual fund business. North Hampton, N.H.-based Alpha Equity Research concludes that Fidelity lost $20 billion of mutual fund assets to its brokerage business during the August through February period. These numbers illustrate a wider problem -- mutual fund sales are down because more investors are picking stocks on their own. Fidelity denies that it's losing ground in the mutual fund business, and says that the growth in brokerage assets represents new money. If nothing else, Fidelity, which has built a successful online brokerage, is better positioned than its competitors to take advantage of this shift, although experts say the discount brokerage business will never be as profitable as mutual funds. Hire manager, get fund From Morningstar Pioneer is launching a new High Yield fund. To do so, it acquired both portfolio manager Margaret Patel from Third Avenue and shares of the high yield fund she managed there. Pioneer hopes to improve on sales of the fund, which were disappointing at Third Avenue. Morningstar rates Cigna for a fee From The Wall Street Journal In an effort to increase revenue and expand beyond its mutual fund business, Morningstar will profile and evaluate a group of Cigna commingled retirement portfolios. Morningstar officials acknowledge that Cigna will pay it for the services, although company officials said the fee is "nominal" and only designed to cover research costs. The arrangement raises questions about whether a Morningstar can analyze and rate the portfolios objectively when the company selling the funds is paying for the service. Printed from: MFWire.com/story.asp?s=2083 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |