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 |
|
Thursday, June 22, 2000 June 22, 2000 Fidelity's earning sizzle From Wall Street Journal In a rare interim report Fidelity shared preliminary six-month financial results yesterday. The Boston Behemoth's earnings doubled to $1.2 billion on revenue of about $5.8 billion -- a 41 percent jump from $4.1 billion in revenues for the first half of 1999, when net income was $562 million. James Curvey said the numbers reflect four "absolutely terrific" months followed by two slower months, according to the paper. The report speculates that Fidelity released the numbers to reassure the public that yesterday's personnel moves had nothing to do with the fund giant's operating results. Borgen busted From The New York Times The SEC has suspended and fined the former owner of Founders Asset Management for failing to disclose that some clients paid too much for stock trades in the early 1990's. Bjorn Erik Borgen, sole owner of the firm which manages more than $8 billion, agreed to a 180-day suspension and a $590,000 fine to settle the complaint. The SEC said that Borgen charged some Founders clients excessive brokerage commissions, which were funneled to a broker who had placed the clients with Founders. Printed from: MFWire.com/story.asp?s=25877 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |