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, April 18, 2000 April 18, 2000 The survey says ... From CBS Marketwatch.com Mutual funds were massacred last week, but the money is still rolling in. All 18 categories of stock funds tracked by Lipper were in the red for the first time this year, but a net of nearly $6 billion flowed into stock mutual funds in the week ended last Thursday, according to fund-tracking firm TrimTabs.com. The take for the month is expected to be just under $25 billion. Emerging growth funds and bear-market funds are reporting particularly strong inflows. The UltraShort OTC ProFund, an enhanced index fund which attempts to double the inverse of the Nasdaq 100 Index, reported a 112 percent jump in assets, or $70 million, for 10 days ending Apr. 14. It's all in how you look at things From SmartMoney.com The same survey showed that tech fund outflows set a record last week. And that doesn't include Friday's exodus. Data isn't available yet, but outflows are expected to be high. Three-hundred and sixty million was redeemed last Tuesday, Wednesday and Thursday, and almost $5 billion exited U.S. equity funds during that period. Friday's data should be available today, and it's expected to show high outflows. Making lemonade From The New York Times Despite the downward spiral in technology stocks, earnings were up at some of the nation's biggest financial firms. Citigroup, Merrill Lynch and Charles Schwab all reported record first quarters. The primary factor was rising commissions from the unusually high level of stock trading in the first three months drove up earnings for all companies with brokerage operations. That trend could reverse if long-term fears cause investors to assume a lower profile. Sanford I. Weill, chairman and CEO of Citigroup, claims that his company is the most profitable in the country, and should have the largest stock-market value. HSBC and Merrill teaming up From The Wall Street Journal HSBC Holdings and Merrill Lynch are forming a joint venture that will offer global online banking and investment services to individual customers, except in the U.S. The new firm will be called "Merrill Lynch HSBC" temporarily. It will be headquartered in London and will be launched later this year in the United Kingdom, followed by Australia, Canada, Germany, Hong Kong and Japan. HSBC and Merrill Lynch together will provide up to $1 billion in start-up capital. The new company's interim chief executive will be Edward Goldberg, currently Merrill Lynch's executive vice president of operations services. The chief operating officer will be appointed from HSBC and will be announced shortly. Printed from: MFWire.com/story.asp?s=25437 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |