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 |
|
Monday, October 16, 2000 October 16, 2000 Scudder May Add Loads, Drop Kemper From Wall Street Journal Scudder is seriously debating joining fund firms such as Strong, Mutual Series, Founders, and Wanger in adding commissions to its funds. The unit of Switzerland's Zurich Financial Services Group, which may not make a decision on the matter until early next year, is responding to increasing scrutiny from investors who flit between no-load funds in supermarkets to chase returns, according to the report. It adds that Scudder Kemper is debating a plan to convert all 36 Scudder stock and bond into load-bearing offerings. Existing investors would not have to pay loads. The change would also enable to firm to drop the Kemper brand. A Cracked Egg From Wall Street Journal It's not just U.S. based Internet banks that are suffering. All of the king's horses and all of the king's men are on call in London as Egg Plc reported that its funds under management fell 443 million pounds during the third quarter even as it had grew accountholders to 1.2 million from 1 million. Conseco Sues Pence From Wall Street Journal Conseco has sued Thomas J. Pence for breach of contract. Pence abruptly resigned the firm to join Strong Capital last week. He replaces Andrew S. Cupps at Strong. The suit was filed in state court in Hamilton County, Indiana and contends Pence violated a letter of agreement concerning the operation of a hedge fund. Erik Voss, a vice president who was named by Conseco as Pence's successor, also resigned the firm, as did Mark Babka an assistant vice president and analyst Nick Truitt. The firm now says that Pence will be replaced by a team. Ryan Jacob's Mea Culpa From CBS.MarketWatch.com S Ryan Jacob has been less perfect since he quit the Internet Fund started his own fund firm last year. He now admits that too. This weekend he sent shareholders a missive saying that: "Admittedly, one of our biggest mistakes early in the year was reacting to the sell off in Internet-related companies as if it was a correction, when in fact it is clear now that it was a crash," he wrote. The fund is down nearly 66 percent since December 31, according to Lipper Inc. 2000 on Track to be the First Down Year for Fund Growth Since 1990. From Barron's Last week Wiesenberger calculated that the number of fund liquidations and mergers has outpaced fund openings so far this year. This week, Barron's speculates that assets in funds will be down as well. If this happens it will be the first time since 1990. So far this year net flows into funds have totaled $125 billion. Through the end of August fund assets had grown by 8.3 percent from the start of the year. Yet, since that time the average stock fund is down 7 percent. This suggests that fund assets are pretty close to where they started the year even after the new $125 billion is accounted for. Now, fund inflows have slowed meaning that market performance between now and the end of the year will likely determine whether assets under management in the industry start 2001 at a higher level than they started 2000. Printed from: MFWire.com/story.asp?s=26184 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |