MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, November 2, 1999 Odd Lots, November 2, 1999 Getting the youngsters to invest From The Wall Street Journal The new generation of investors -- kids, of course -- are the target of financial services companies. They are trying to teach kids how to save and invest their babysitting and lawn-mowing money, using educational Web sites, comic books and investment products that make passbook savings accounts look like dinosaurs. Investment companies fear that baby boomers are going to cash their money out as they enter retirement. The theory is that the nation's wealth isn't only in the hands of the wealthy, but in the hands of wealthy folks' children. Liberty Financial Co.'s Stein Roe unit was one of the first mutual funds to target youngins, launching Stein Roe Young Investor Fund, which invests in companies such as McDonalds. Pimco chief exec reluctant to move From The Los Angeles Times William Cvengros, chief executive at Pimco Advisors Holdings, said he is deciding whether he will stay with the Newport Beach money manager after Allianz acquires a majority stake. Most other key executives have agreed to remain with Pimco after the $3.3-billion deal closes, Cvengros, 50, is still discussing his role at the company. He would not comment on the negotiations but said he was reluctant to relocate his family to Germany. The Street unimpressed with Neuberger From TheStreet.com Neuberger Berman, which went public only two weeks ago and netted netted $90 million, said it is committing up to $50 million to buy back some of its struggling stock. Investors were apparently unimpressed with the buyback announcement, sending shares down about 3% to 28 1/16 at midday Monday. The market's cool reception might have to do with Neuberger Berman's shrinking mutual fund and institutional-asset base, a result of the value shop's weak performance in a growth-biased market, TheStreet.com said. Is T. Rowe next takeover target? From CBS MarketWatch T. Rowe Price is back in the takeover-speculation spotlight, thanks to the agreement on Sunday by Allianz AG to buy 70% of Pimco Advisors Holdings LP. The reasoning in the fund business follows that if Pimco is good enough for Allianz to acquire, then surely T. Rowe Price would be alluring for some Euro-behemoth. A spokesperson for the company shrugged off the speculation but stock was up 4.9% on Monday. T. Rowe offers strength in stocks and bonds. It manages 77 funds, 31 of which are domestic stock funds along with 26 bond funds. Printed from: MFWire.com/story.asp?s=25082 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |