MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 21, 2000 Odd Lots, March 21, 2000 Pilgrim Baxter to set sail? From Investment News After nearly two years in the doghouse, things are greatly improved at Pilgrim Baxter & Associates. Assets now exceed $27 billion, up from $11 billion a year ago. The improved performance is causing speculation that Boston's United Asset Management, Pilgrim Baxter's parent, might try to sell it once again. Two years ago, UAM spoke with Nationwide about a $600 million deal, but it was never completed. On the other hand, UAM now has reasons to keep Pilgrim Baxter, which provides plenty of cash in good times. American Century adapts From Morningstar American Century has asked shareholders to remove the dividend requirement on its Select and Heritage funds. At present, its large-cap growth Select fund must invest 80% of assets in dividend-paying stocks, and its mid-cap growth Heritage fund must invest 60%. Because they invest in growth stocks, the managers find it increasingly difficult to meet their mandates. These funds have seen other changes as of late. Almost all of Select's management team left in mid-1999 -- it's now managed by Ken Crawford and Gerald Sullivan. Heritage recently lost one of its co-managers, Harold Bradley, who was replaced by Kurt Stalzer. Vanguard Capital Opportunity to close From Los Angeles Times The Vanguard Capital Opportunity fund closed to new investors Monday (MFWire.com 3/20). Vanguard said the closure was due to short-term traders piling in, threatening the fund's performance. Capital Opportunity assets have grown from $2.4 billion at the start of the year to about $5.6 billion today, despite a raise in the fund's minimum initial investment from $3,000 to $25,000. Vanguard officials say they will reevaluate the situation in six months. Printed from: MFWire.com/story.asp?s=25389 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |