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Rating:Odd Lots, April 14, 1999 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 14, 1999

Odd Lots, April 14, 1999

Reported by Sean Hanna, Editor in Chief

Barclay's New CEO Resigns
From The Wall Street Journal
Just two months after signing onto Barclay's as CEO Michael O'Neill is stepping down. The WSJ reports that O'Neill is resigning because of a recently discovered heart problem. He is 52, a former marine and an avid jogger, according to the paper. Until February O'Niell was chief financial officer at Bank America.

Lipper Back Tracks on Changes
From The Wall Street Journal
Industry feedback caused Lipper Inc., to overhaul its planned overhaul of the way it evaluates U.S. stock mutual funds, reports the WSJ. The Reuters unit has reduced the proposed categories for funds to 14 from an initially planned 21 (it now uses just 8). It has also postponed the schedule for the changes to Sept. 1, from July 1. The paper reports that the proposed "micro-cap" category will become part of the "small-cap" category and the median market-capitalization ceiling for "mid-cap" funds will be raised. Lipper will also create an aggressiveness measure for funds separate from the objectives allowing it to eliminate three objectives -- the "aggressive" category for small-, mid- and large-cap stocks. Up front in the WSJ article is a report on Europeans' embrace of tech funds -- more than $12.4 billion are now invested in tech funds up from $2 billion three years ago.

Is Goldman Eyeing E*Trade?
From The New York Post
Buried in Goldman Sach's red herring is an embryonic plan for the company to exploit the Internet. Perhaps this hint of things to come is what led to the rumor of Goldman's interest in acquiring E*Trade that is reported in today's NY Post. Beth Piskora reports the speculation that Goldman is earmarking a portion of its IPO proceeds to purchase the web-based broker. Still, with E*Trade's market cap now topping $14 billion it may be a good thing that the guys at Goldman are experts at raising funds.

No-Show Fund Director Earns $400k Plus
From InvestmentNews
If you earned $406,000 and skipped meetings would you keep your job? For John R. Haire -- director of 98 Morgan Stanley Dean Witter & Co. funds - staying employed is not a problem. One shareholder of the funds is so upset at Haire's lax ways that he challenged the director's attendance record. Haire responded by writing that "I do not believe it is necessary for me and other trustees to attend annual meetings in person in order to carry out our duties. We are kept well informed of the meetings including shareholder questions raised during the meetings." Unfortunately, this is exactly the attitude that is catching the attention of Arthur Levitt and the SEC. Oh yes, where can this reporter apply for one of these cushy so-called jobs?

SEC to Look at 12b-1 Fees
From InvestmentNews
The 12b-1 fee is one of the items on the SEC's agenda, says Paul Roye, director, Division of Investment Management, Securities and Exchange Commission. Calling this a "complicated issue" Roye said that the Commission is going to step back and and try to analyze what makes sense when exploring the issue. Don't expect any imminent action as the SEC must work with the NASD on the issue.

Nine Fund Cos to Watch
From The Mutual Fund Cafe
Bankers Trust, Global Asset Management, Alleghany Funds, Rydex Funds, Hartford, Weitz, Marsico, TIAA-CREF, and Transamerica. These are the fund companies best positioned for future growth according to the Boston-based Financial Resource Corp. 

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