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, November 22, 2000 November 22, 2000 Citi's Weill Resigned Over Addiction From Wall Street Journal Last July Citigroup reported that Marc Weill, son of Chairman Sandy Weill, was stepping down as head of the firm's $113 billion investment portfolio. Marc Weill was also a member of the firm's 19-member management committee. Now the Journal reports that the 44-year-old Weill, "left the firm amid a battle with cocaine dependency." The article also quotes his ex-wife, E.D. Donahey, as saying that the younger Weill is "in treatment for drug addiction," William Heyman and Dave Tyson split responsibility for his position. Why Do Funds Split Their Shares? From Wall Street Journal S plits in the share price of funds have absolutely no economic impact on the fund's performance. They also do not impact investors' ability to purchase fund shares. So have there been 357 splits since 1929? AIM, ProFunds and Monument are among the fund firms that have recently split fund shares. "Small numbers tend to be easier overall for people to handle. They feel like they can buy more shares. There's some comfort factor," an AIM spokesperson is quoted as saying. ProFunds Louis Mayberg says the firm split the shares to assuage confused investors who were worried they could no longer afford the funds following steep gains. Monument's David Kugler admits that investors fell better about giving 100 shares of a fund as a gift to their grandchildren rather than 50 shares. Printed from: MFWire.com/story.asp?s=25983 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |