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 15, 2000 Fund Family is "X'ed" Dot-com firms' forays into the fund business continue to hit snags. The latest to rethink its strategy is X.com, which was building an asset management unit under ex-Oppenheimer Funds executive John Story.
"X.com Asset Management, the investment adviser to the X.com Funds, has decided to discontinue the traditional mutual fund business of the X.com Funds," the company said in an October 27 SEC filing. "The entire X.com organization will instead focus on domestic and global payment services through its PayPal business." So, what is John Story up to now? With the shift in business focus, will the lauded exec spend his time managing X.com's sole remaining fund (a money market fund)? "He is very much in the same capacity as he had been," said an X.com employee. Reluctant to comment further, he asserted that Story continues to maintain a presence, adding, "I just saw him twenty minutes ago." Printed from: MFWire.com/story.asp?s=26225 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |