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 |
|
Wednesday, December 8, 1999 Odd Lots December 8, 1999 A hot turnaround in Latin America From The Wall Street Journal Latin American mutual funds gained 4.01% for the week ended Thursday, the second best performance of all sectors tracked by Lipper Inc. The best performer was China funds, up 4.33%. The strong showing pushed the typical Latin American fund's year-to-date gain to a robust 38.36%, compared with the average 38.21% loss in 1998. Economists and fund managers expect a continued turnaround in the first half of next year to rival what the Asian markets have done for U.S. mutual fund investors this year may be in store; the average Pacific Region fund has gained 65.88% since Dec. 31. Citigroup and State Street form retirement venture From The Wall Street Journal Citigroup Inc. and State Street Corp. agreed to form a joint venture, with $200 billion in assets under management, aiming to propel sales of 401(k) retirement-plan services. The new venture, owned 50/50 by the two companies, will be called CitiStreet. Citigroup has been slow to make enter the retirement business. But the bank has a widespread distribution network that could help spread the services State Street sells. Those services include plan administration and the issuing of statements, supported by State Street's large and hard-to-replicate computer plant. The new company is expected to generate revenue of more than $300 million next year. State Street's Global Advisors unit will contribute its 401(k) business and Wellspring Resources, its benefits-administration business. Citigroup will contribute its Copeland Cos. retirement-plan business. Performance or goodies? From TheStreet.com Ron Baron's funds aren't currently delivering high performance but he might offer investors ski lift tickets! In his funds' Dec. 1 shareholder report, he says he might offer shareholders discounts on lift tickets or other consumer goodies offered by the companies in which his funds invest. Baron's mid-cap growth funds, the $5.9 billion Baron Asset, which he manages, and the $439 million, team-managed Baron Growth, are currently behind their peers. In a report, Baron wrote that "cool deals," such as discounts on sothebys.com commissions, lift tickets at a Vail resort or rooms at Sun International hotels, could be on the way. Fund marketers say the agreement could raise the funds' image by associating it with upscale brands. Printed from: MFWire.com/story.asp?s=25164 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |