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Rating:January 17, 2001 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, January 17, 2001

January 17, 2001

Reported by Sean Hanna, Editor in Chief

Is Jacob Internet in Trouble?
From TheStreet.com
Is the top-performing fund manager turned worst-performer gunning for trouble with the SEC? Former-SEC staffer Mercer Bullard pens a column on TheStreet.com detailing the machinations of the Jacob Internet Fund to avoid reporting its 79.1 percent loss in 2000. The article further implies that Ryan Jacob and the fund may be in a lot of trouble. The issue, says Bullard, is that the web site copy of the prospects omits the amendment that was intended to warn investors that many Internet companies had incurred large losses and were expected to continue losing money for the foreseeable future. Bullard points out that "selling securities off a stale prospectus violates securities laws and can entitle shareholders to return of their original investment." The fund has dropped 68 percent in value since May.

Prudential in Lead for Liberty
From Sunday Telegraph
The London paper reports that Prudential, the UK life insurer not the U.S. company, is likely the lead bidder for Liberty Financial. The paper says other bidders are thought to include Skandia, the Swedish insurance group, and Aegon, the Dutch insurer that owns Scottish Equitable. The bidding is due to close this week and Liberty's stock price now values the firm at roughly $2 billion, or 2.5 percent of assets.

Societe Generale Targets Singapore's CPF
From Singapore Straights Times
Societe Generale's fund arm -- SG Asset Management -- has put together an innovative product for Singapore's Central Provident Fund (CPF). The new unit trust sports a "double guarantee" unique among products in Singapore. The "Double Guarantee Plan", promises both a fixed return of at least 3 per cent a year and the return of capital, reports the paper. It does this by combining to Singapore-dollar funds: fifty percent of the unit trust is invested in the bond fund the Return Guaranteed Fund (RGF) and fifty percent is invested in the Capital Guaranteed Global Growth Fund (CGGGF), an equity fund targeting the MSCI World Index. The fund will be available for investments from both ordinary and special CPF accounts. GK Goh and Standard Chartered Bank are distributors.

Fidelity Asset Manager Takes Leave
From Boston Globe
Tom Sprague, manager of Fidelity Asset Manager and Asset Manager Growth, is resigning his post, reports the paper. The 43 year-old manager is taking a three months sabbatical and will then assume a new role at Fidelity, most likely in an advisory role. Also, Michael Tarlowe, manager of Fidelity's Leisure fund and Multimedia fund, is departing the firm for other opportunities.  

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