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 |
|
Wednesday, April 19, 2000 April 19, 2000 Lindner shake-up From Morningstar Lindner Funds is shaking up its management structure... again. President and chief investment officer Eric Ryback is giving up his portfolio management responsibilities, CEO Doug Valassis has been removed from the investment committee, and the firm is dropping its investment committee approach. Mark Finn will be the new CIO, and he and a co-manager will head each of the firm's six funds. The new co-managers are Gerald Barnes and Jeff Fotta on Asset Allocation; Jonathan Finn on Large-Cap Fund, Opportunity, and Small-Cap; Barnes and Thomas Lynch on Utility; and Fotta and Lynch on Market Neutral. Where are the bears? From The Wall Street Journal Recently, and predictably, the performance of bear funds has been soaring. UltraShort OTC ProFund, for instance, is up 46% since March 10 and the Prudent Bear fund is up 23% in the same period, according to Lipper. But these funds aren't receiving a flood of new investment. Two possible reasons are, first, that bear funds tend to attract new assets when the stock market declines in a gradual way over a long period rather than a short, steep decline. Second, investors have gotten into the habit of buying a dip, rather than seeing it as a long-term trend. Good news... From The New York Times Mid-Atlantic regional bank Mellon Financial, which owns the Dreyfus fund family, reported that its first-quarter operating profits rose 10 percent, thanks to trust and money management fees. Trust and mutual fund sales have become an important source of fee income for Mellon, as customers move towards high-yielding securities and funds instead of traditional savings accounts. ...and better From The New York Times PaineWebber reported the best quarterly profit in its 120-year history, powered by record brokerage commissions and management fees. Share volumes on U.S. stock exchanges set records in the quarter and powered brokerage commissions. Revenues from money management rose 35% from a year ago. Assets under active management rose to $73 billion, up from $63 billion a year ago. PaineWebber is joining a big party. On Monday, Merrill Lynch reported record results for the first quarter, driven by record brokerage commissions. Many of Wall Street's premier investment banks, including Goldman Sachs, last month reported record earnings for their fiscal first quarter. Printed from: MFWire.com/story.asp?s=25660 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |