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, May 10, 2000 May 10, 2000 The price of success From CBS Marketwatch.com All that money flowing into Janus has produced predictable results. The firm will close three of its most popular mutual funds to new investors today. The funds are the $42 billion Worldwide fund, the $8 billion Olympus fund, and the $3 billion Global Life Sciences fund. Protecting performance was the reason given for the closures. Terrana says ta-ta From Morningstar Star stock-picker Beth Terrana is leaving Fidelity effective June 1. Terrana managed more than $20 billion, including the Fidelity fund, Destiny II, and Advisor Growth & Income. She said she is leaving to pursue interests outside money management, and possibly outside the fund industry. The departure is another in a series at Fidelity. Recently, George Vanderheiden retired, Erin Sullivan left to join a hedge fund, and Brad Lewis announced plans to leave the firm. Fidelity has also lost a series of technology-fund managers during the past year. Buying loyalty From Investment News After paying $65 million in merger-related costs, Charles Schwab will pay U.S. Trust employees a bundle to stay put. According to documents filed with the SEC, Schwab intends to pay $150 million in cash and stock to U.S. Trust's 1,900 employees as an incentive to remain after the two companies merge later this year. The richest pot goes to the four top U.S. Trust executives, each of whom will receive bonuses of $2.8 million, on top of stock options and annual target bonuses. The bonuses could nearly triple their salaries. It's official From CBS Marketwatch.com The deal is done. Amvescap, one of the world's biggest mutual fund managers, agreed to buy Canadian asset manager Trimark Financial Corp. for 1.16 billion pounds ($1.8 billion) in cash and stock. The deal, which is pending shareholder and regulatory approval, values Trimark, Canada's sixth largest mutual fund company, at C$27 a share. The price tag includes C$760 million in cash and about C$1.97 billion in shares. Amvescap is also reported to be in talks to acquire Britain's Perpetual, although the company has not confirmed those talks. Printed from: MFWire.com/story.asp?s=25732 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |