Fido follies
From Morningstar
Fidelity's long-running series of managerial moves continues. Ian Hart has replaced Kevin McCarey at the Europe Capital Appreciation fund. Morningstar reports that McCarey will stay at Fidelity, and continue to manage his other funds, including Aggressive International. In other moves, Dylan Yolles, manager of Select Software and Computer Services is leaving the company and will be replaced by Telis Bertsekas, Brad Lewis has been replaced by Tim Krochuk at Small Cap Selector, Andrew Marchese is taking over Select Gold and Select Industrial Materials and Adam Segel will run Select Paper and Forest Products.
Also featured in:
The Wall Street Journal -- The Wall Street Journal disagrees, reporting that McCarey is leaving Fidelity and will join Capital Research & Management Co.

The taxman discloseth
From The Wall Street Journal
The SEC has proposed that funds reveal aftertax returns for one-, five- and 10-year periods in their prospectuses and annual reports. The Investment Company Institute, which represents the fund industry, supports the idea of disclosing aftertax returns. Money market funds and tax-deferred programs such as 401(k) plans and variable annuities would be exempt from the new rules. A lengthy comment and hearing period is expected.
Also featured in:
Morningstar

Small funds loom large
From CBS Marketwatch.com
A few years ago, investors wouldn't look at a fund unless it had been in business for at least three years, had $10 million in assets, and a ticker symbol. Now, as the performance of small funds grows, so does their visibility. More data is available on the Web, and a new type of investor seeks funds not for long-term appreciation but for short-term gains and the stock-picking abilities of their managers.

Merrill on the move
From Morningstar
A new day seems to be dawning at Merrill Lynch. After suffering $13 billion in redemptions in 1999, new Internet and growth-oriented investment funds are driving a flood of investment. During their initial offering period, the newly-launched Focus Twenty and Premier Growth funds took in $1.2 billion (MFWire.com 3/13). The new funds are part of Merrill's effort to add some growth-oriented zip to what was a lackluster lineup.

 

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