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Rating:Oberweis Funds Founder Seeks Senate Seat ... Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, December 7, 2001

Oberweis Funds Founder Seeks Senate Seat ...

Reported by InvestmentWires Staff, 

Retail money fund assets rose $2.44 billion to $1.103 trillion for the week ended Wednesday, December 5, 2001, according to the Investment Company Institute. Institutional money funds grew by $3.94 billion to $1.254 trillion.

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Labor Secretary Elaine Chao has order the DoL to investigate Enron's handling of its employees' retirement benefit plans. One touchy issue was Enron's decision to go ahead with a change of plan administrators even as its stock was collapsing in value. Administration of the plan was transferred to Hewitt Associates from Northern Trust, resulting in a four week blackout.

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The Argentine government seized the nation's pension plan assets yesterday. The move was a response to the nation's inability to close $1.3 billion in new loans from the International Monetary Fund. Banco de la Nacion will take over up to $3.5 billion in private pension fund accounts held in banks to pay public service wages and pensions, reports Reuters.

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James Oberweis is turning the management of the three Oberweis funds over to his son James. The senior Oberweis plans to run for the US Senate on the Republican ticker. The junior James Oberweis is a student at the University of Chicago business school.

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Auto parts maker Visteon is suspending its 401(k) matching contributions for its 9,900 participants. The good news for employees is that unvested existing employer contributions will vest immediately. The company informed workers of the step in an email on last week from Chairman Peter Pestillo. The email explained that the move will save $25 million in annual costs. Matches had been made at the rate of 60 percent of employee contributions. Visteon plans to resume the contributions when they are again affordable. Visteon was spun out of Ford Motor, which also suspended its match, last year. Competitor Delphi Automotive Systems also has suspended 401(k) matches as has DaimlerChrysler. General Motors reduced the value of its matching formula.

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Franklin Templeton said it plans to close its $258 million Franklin MicroCap Value Fund when the loaded fund reaches $300 million in assets. Small-cap value funds are now the hottest segment in the industry and are up nearly 10 percent this year according to Lipper Analytics. The Franklin fund is up nearly 40 percent over the last 12 months.

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Charles Schwab is pulling out of the Japanese and Australian brokerage business. The decision was made based on the downturn in trading activity in those markets. Charles Schwab Tokio Marine Securities Co. will be closed at the end of January. TD Waterhouse is acquiring Schwab's 51,000 Australian customers.

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Merrill Lynch is considering a cutback in its support of its Internet joint venture in Canada, Europe and Australia with HSBC, Reuters reports industry sources as saying. The initiation of the joint venture led to speculation that HSBC was considering a buyout of Merrill when the deal was announced some 18 months ago. The venture has attracted 100,000 clients globally, says Reuters.  

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