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 |
|
Thursday, June 14, 2001 Is Royce for Sale? Fidelity Investments has now gotten into the stock options game. The Boston Behemoth revealed today that it will now expand its options services from execution-only to include full plan administration for companies. This service will be available to the firm's 401(k) clients and include real-time exercises and Web-based educational content for employees, automated recordkeeping and share/money movement, comprehensive reporting, and a dedicated service team for the company. * * * Legg Mason is ready to acquire Royce, a fund company, for between $80 million and $200 million, reports the Wall Street Journal. * * * Eighty percent of investors claim that they will invest more in their IRA, 401(k), and 403(b) accounts as a result of President Bush's new tax legislation, according to a Strong online survey. * * * Schwab's Market Activity Report for the month ending May was a mixed bag. The broker revealed that it has cut 2,600 full-time equivalent jobs so far (out of a planned 2.750 to 3,400). It also reporteded that daily trading volume fell 11 percent from this time last year and is down seven percent from the month of April. Trading volume from Schwab's OneSource program was down eight percent from April but still up 14 percent from this time last year. Although total client assets were up one percent from April, they were flat from this time last year. * * * Schwab has explicitly stated that it's partnership with Laurentian Bank, a small Canadian bank, should not be seen as an entry into Canada's banking sector. The revalation is intended to end rumormongering, reports Reuters. * * * David Felman, portfolio manger of: Fidelity's Mid-Cap Stock Fund, Advisor Mid-Cap Stock Fund, and VIP: Mid Cap Portfolio has jumped ship to Andor Capital Management, which will spin out from Pequot Capital Management in October. Beso Sikharulidze, formerly head honcho of the Fidelity Advisor Aggressive Growth Fund, will now take over the helm at the Mid-Cap Stock Fund. Rajiv Kaul will now leave the Select Developing Communications Portfolio to manage the Advisor Aggressive Growth Fund and VIP: Aggressive Growth Portfolio. Shep Perkins will take Kaul's place at the Select Developing Communications Portfolio while still managing the Select Wireless Portfolio. Peter Saperstone, who managed the Convertible Securities Fund will take over the reign at the Advisor Mid-Cap Stock Fund. Lawrence D. Rakers, manger of the Select Technology Portfolio, will take over Saperstone's position at the Convertible Securities Fund. Christopher P. Zepf will now become manager of the Select Technology Portfolio and Advisor Technology Fund. * * * Robert Atchinson and Phil Gross, who ran Harvard's Select Equity Group, a five billion dollar fund in Harvard's 18 billion dollar endowment, will leave Harvard to start their own fund with seven other people called Adage Capital Management, reports the Wall Street Journal. The fund will start life with $1.8 billion from Harvard and be located in Boston. Printed from: MFWire.com/story.asp?s=26636 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |