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Rating:New Putnam Honcho Brings Less-Stressed Tone Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, July 19, 2001

New Putnam Honcho Brings Less-Stressed Tone

Reported by InvestmentWires Staff, 

Enterprise Capital Management, a unit of Mony Group, is renaming its $13 million International Internet Fund to the Enterprise Global Technology fund, according to a filing with the SEC. The change effective is scheduled for August 31. The filing also called for subadvisor Fred Alger Management to follow a broader technology mandate.

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SEI Investments Company reported a 37 percent jump in net income to $0.27 per share from $0.20 a year ago. That figure matched analysts' consensus expectations. Revenues at the firm grew 16 percent to $168 million. "We continue to grow," said Alfred P. West, Jr., SEI chairman and ceo. "As we've said in the past, our diversified portfolio of businesses is helping us grow as a whole, the interest in our business solution approach continues to generate market acceptance and the intrinsic leverage in our business enables us to grow profits faster than revenues," West observed.

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Gabelli Asset Management said it expects to report meet or exceed current consensus earnings estimates of $0.50 per share for the second quarter when it reports earnings next week. Its assets under management grew 8 percent to $25.6 billion as of June 30 from March 31. That figure is 10 percent more than a year ago.

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Fund firms are losing their share of 401k rollover assets. The claim is based on a study by Morgan Stanley and picked up in the Wall Street Journal. The just-released study found that only one-in-five investors keeps their investment providers when they change employers. To combat this growing problem, some fund companies such as Vanguard are creating phone teams in an attempt to keep employees from moving their money out of Vanguard upon changes in employment.

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Putnam chief Larry Lasser is fond of the painting of a jelly-donut on the wall of the room where execs are taken to be "shot". Or so claims the Boston Globe in a feature describing the changes in strategy and style that are ongoing in the top ranks at Putnam Investments amid the promotion of Steven Spiegel to senior managing director in charge of global distribution and alternative investments. Spiegel says the article, has a distinctly different style and tone then his predecessor, Thomas Lucey. The article calls Lucey's style "ruthless and domineering." Read more.

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Banc of America Capital Management has hired Lori Ensinger, formerly a managing director of Large Cap Value Strategies at Zurich Scudder Investments, as managing director of Value Strategies and has also hired Diane Sobin, formerly portfolio manager for Zurich Scudder's value management team, as senior portfolio manager for a recently created Value Strategies team.

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Citigroup's integration of the Stamford office into its New York based asset management office may have claimed a victim, reports the Wall Street Journal. The paper says Peter Carman, who left Putnam Investments in 1997 to become chief investment officer of Stamford, Connecticut based Citigroup Asset Management, is retiring in the thick of melding.

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Citigroup's Smith Barney unit has filed papers with the SEC as the first step in liduidating two funds -- the Smith Barney U.S. 5000 Index Fund and the Smith Barney International Index Fund. Both funds have had problems gathering assets. The firm also filed to merge its $5.1 million Global Technology fund into the Smith Barney Technology fund.  

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