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Rating:Fund Firms Scramble to Cement Friday Plans Not Rated 2.3 Email Routing List Email & Route  Print Print
Tuesday, June 08, 2004

Fund Firms Scramble to Cement Friday Plans

Reported by Theresa Sim

Financial markets will close on Friday to observe the passing of President Ronald Reagan. The tradition, which started in the 1800s, was last observed in 1994 for President Richard Nixon's funeral.

A survey of the top 25 largest fund families seems to indicate that like many, fund firms were caught by surprise with the news.

While Van Kampen/Morgan Stanley, Eaton Vance, Putnam and Federated Investors had not cemented their plans as of Tuesday; Vanguard, Fidelity, Franklin, PIMCO, American Express Financial, Pioneer Investments, Evergreen Investments, Lord Abbett, Alliance, and Dreyfus did not immediately return calls seeking comment.

American Funds, T. Rowe Price, AIM, Dodge & Cox and Federated will be closed for business, while some at MFS will report to the office. American Century and OppenheimerFunds will open.

All firms that replied back to MFWire.com will process orders received on Friday using Monday's close price.

MFS, AIM and American Century funds holding international securities will trade on the international exchanges.

While fund companies may make planning for this type of event since the last time that it happened was a decade ago, the next such impromptu holiday may not be far off.

The oldest living president is President Gerald Ford, who turns 91 this year. President Jimmy Carter will turn 80 this October, and George Bush, Sr. turns 80 this Saturday.

Who's Doing What
Fund U.S. Offices Closed for Business Friday Pricing Int'l Trading
American Funds Closed Monday's price unknown
T. Rowe Price Closed Monday's price No
OppenheimerFunds Open Monday's price unknown
MFS Partially Staffed Monday's price Yes
AIM Closed Monday's price Yes
American Century Open Monday's price Yes
Dodge & Cox Closed Monday's price unknown
Federated Investors Closed unknown unknown
Columbia Funds Open Monday's price unknown
Source: Media relations
 

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