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 1, 2000 November 1, 2000 Net Funds Suffer Closings, Name Changes From New York Times USA Today Chicago Tribune The decision by Monument to change the name of its Internet fund has sparked a conflagration of "dotcom" fund stories. The New York Times reports that "last year the word Internet was a golden apple for starved investors, but this year it has become a taboo." USA Today writes that: "The brutal dot-com blowup is now wreaking havoc on the mutual fund industry's Internet pocket." Unable to resist a Halloween metaphor, the Chicago paper states that the "witching hour" for these funds has arrived. Monument's Digital Technology fund (nee Internet fund) is down to just $88 million, after being hit be a wave of redemptions and a 43.4 percent loss from its peak. as the climate for Internet stocks darkened deeply since March. The fund will also invest in a more broad selection of stocks than just Internet plays. Multiple reports include the news that The de Leon Internet 100 fund, headed by former Loomis Sayles money manager Paul de Leon, shut down laws week and refunded assets to shareholders. The Chicago Tribune also includes an interesting table correlating Net stock returns with cash flows to Net funds. Not surprisingly, inflows peaked in March at $2.5 billion. Outflows hit a new high of $195 million in September. Neuberger Buys Private Asset Biz From Wall Street Journal Publicly-traded Neuberger Berman is adding to its portfolio. The firm has agreed to purchase Delta Capital Management private asset management business with about $550 million in assets. No terms of the deal were reported other than that Delta's institutional business is not a part of the deal. Delta's managers of the business -- Francis L. Fraenkel and Peter K. Loeb -- will become managing directors at Neuberger Berman's private asset-management group. Printed from: MFWire.com/story.asp?s=26202 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |