Pair Claims Patent on ETF Process
From Wall Street Journal
A pair of young entrepreneurs -- Ken Kiron, 34, and Kevin Bander, 33 -- are battling with the American Stock Exchange over who owns the patent on "open-end mutual-fund securitization process", a process key to running exchange-traded funds. The duo's company, Mopex Inc., won a patent in 1998 has begun legal battles and threats with the exchange and is attempting to collect royalties on ETFs of as much as 15 to 30 basis points, or $20 million. The Amex claims the patent is not valid and that is not infringing in any case.
Putnam Losses Manager to Hedge Fund
From Boston Globe
Putnam Investments' International Voyager fund has lost manager Nigel Hart and analyst John Seitz to a hedge fund. The report did not report which hedge fund they are joining. Hart was one of three comanagers for the $2.3 billion mutual fund.
All Net Funds are Submerged
From New York Times
All 20 plus Internet funds started before New Years Day 2000 are in the red. The best performer is the Strong Internet fund, which is down just 0.6 percent. Only two other funds have managed to keep their losses below 10 percent. They are E*Trade's E-Commerce Index (-1.6 percent) and the Goldman Sachs Internet Tollkeeper (-7.1 percent). The worst performing fund is the Jacob Internet fund, down 51 percent.
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