Are mutual fund companies getting into the TV biz? Will we be seeing
Friends Goes Wall Street on CNBC? Probably not, but the advent of television studios at the offices of mutual fund firms could change the landscape of the way those firms seek public recognition.
The latest firm to add a television studio to its office is
Armada Funds, a spokesperson with the firm told the MutualFundWire.com. Unlike industry goliaths
Legg Mason,
Federated, and
John Hancock, which have in-house studios of their own, Armada is a mid-sized fund company.
The studio will be in the firm's office in Cleveland, Ohio. The studio can provide a feed to CNBC, CNNfn, national networks, or local affiliates. "Armada sees the addition of the studio as a real advantage. Producers will be more likely to put an Armada executive at the top of the list because they can be quickly and easily reached."
The addition of the television studio is part of the firm's efforts to beef up communications. The spokesperson further revealed that an in-house television studio saves a station like CNBC money because CNBC won't have to, in this case, rent time for the remote from a Cleveland affiliate.
"We are getting the word out to the national stations. If you are in a bind, if you need an expert quickly, we can get an Armada executive on the air quickly and efficiently," the official added.
"Television is a terrific way to get your story across. It is the one format where investors can you ask you questions -- whether it is through call-ins or e-mails. And investors are doing a lot of their own research these days. And one of the ways they do that research is through the news. A television studio is an investment, but it gets the firm's name out and the executives before the investing public," he contended.
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