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Monday, May 17, 1999 Odd Lots, May 17, 1999 Berger, Stein Roe start trend From Morningstar.net The recent shakeups at Berger and Stein Roe are just the start of a trend, argues columnist John Rekenthaler. He points out that no load fund groups are failing to pull in assets (with the exceptions of Fidelity, Vanguard, and T. Rowe Price). His prediction: Look for the long awaited industry consolidation to begin. Banks fail to sell own funds From American Banker -- subscribers only Bank sales of their own funds fell, according to a survey for the Bank Securities Association. Kenneth Kehrer Associates surveyed 26 bank brokerages and found that their sales of mutual funds were flat. Altogether, their own funds accounted for just 7.9% of sales, a decline from 13.2% last year and 10.5% in the fourth quarter. The publication explains that the dropoff may be because value funds are out of favor and banks end to have a value bent. Another explanation is that a handful of funds are gathering assets, and those that are, are not being offered by banks. Magellan's Stansky is cautious From The Wall Street Journal -- subscribers only Fidelity released its Annual Report for the Magellan Fund. In it manager Robert Stansky sounded a cautious note, warning that corporate earnings may not justify stock prices and that the market may be vulnerable to rising interest rates. Funds in the Press
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