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, April 23, 2001 T. Rowe Earnings Fall Short T. Rowe Price, one of the largest public pure-play mutual fund firms reported earnings two cents short of consensus estimates this morning. Analysts' consensus earnings estimate according to Thomson Financial/First Call was $0.40 per share but the firm reported $0.38 per share. The total net of $49.3 million was well off of its $75 million net in the first quarter of 2000. The hit stemmed from losses in assets under management which fell to $148.7 billion from $185.2 billion a year ago. This drop caused revenues to fall to $280.5 million from $316.3 million. * * * Cash Edge and Business Logic have formed a partnership. CashEdge has integrated its account aggregation and funds transfer service into Business Logic's Net-Finance Software. The solution will enable financial institutions who use Net-Finance to combine the financial data aggregated by Cash Edge with other specialized external and internal data sources for use in web applications and other Internet-based systems. * * * Global Investment Systems, (GIS) a international investment industry software company, announced the addition of FBGR National Bank & Trust, formerly Rushmore Trust and Savings, FSB. FBR National is an MFACT client. MFACT is a mutual fund accounting and administration system for organizations that perform portfolio and financial accounting and reporting for mutual funs and unit trusts. * * * American Express Company reported first quarter net income of $538 million, down 18 percent from $656 million in the same period a year ago. Diluted earnings per share declined 17 percent to $.40 from $.48. Net revenues on a managed basis totaled $5.4 billion, up 2 percent from $5.3 billion. The company's return on equity was 23.5 percent. * * * Barron's reported that St. Louis-based full service brokerage A.G. Edwards Inc. could be an acquisition target. Shares of the firm's stock are pretty low-they fell 38 cents at 39.67 on the New York Stock Exchange on Friday, below a 52-week high of $57.93 and up from a 52-week low of $31.75. * * * Thompson Financial has acquired an additional 60 percent interest in Invest Tracker Tecnologia (ITT), a provider of mutual fund data, content and analytics to Brazilian and retail investors. Printed from: MFWire.com/story.asp?s=26520 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |