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, November 28, 2000 November 28, 2000 Vanguard, MFS, Invesco are Misters October From Boston Globe The winning fund complexes in October were: Vanguard, MFS, and Invesco, according to Financial Research Corp. in Boston. Meanwhile, Fidelity made a respectable showing while Janus continued to suffer redemptions. Notably absent from the leader board was Putnam, which ranks third year-to-date in cash flows. Vanguard drew $2.63 billion in net assets to MFS' $2.02 and Invesco's $1.05 billion. Meanwhile, Fidelity took in $869 million and Janus saw $772 million flow out the door. Neuberger Shares Skyrocket From Wall Street Journal Is Neuberger in play? Mister Market seems to be saying something as the fund firm's stock rose almost 13 percent yesterday even as shares of asset management firms declined. One other, more prosaic, explaination is the rise stemmed from the stock's inclusion in the Standard & Poor's MidCap 400 Index. Supporting this conclusion is the rise in the stocks olume since it joined the index last Wednesday. That day, 4 million shares changed owners, and Monday 323,900 more were traded. Prior to the inclusion in the index an average of just 65,000 traded daily. Finance is hot ... From Wall Street Journal T. Rowe Price & Associates is now offering funds from American Century as a part of its no-transaction fee program in its Mutual Fund Gateway fund supermarket. Previously, the were available only with a $35 fee. The fund firm also said that it is dropping its commission for online stock trades to $19.95 a trade from $24.95 for trades of less than 1,000 shares. Pension Fund Sues Manager From Boston Globe Can pension funds sue their manager if the manager turns in a losing hand? The teamsters think so. The union is suing SG Cowen in US District Court in Boston, claiming that the firm failed to sell losing stocks as per its mandate and lost an unnecessary $200 million. Cowen, the Teamsters' Washington lawyers Morgan, Lewis & Bockius are arguing, was obliged to review investments in any stock that fell more than 15 percent. The specifics are that 25 stocks of the 114 in the portfolio fell more than 15 percent in late 1999, but Cowen did not inform the Teamsters of their declines, thus breaching its fiduciary duty to the $676 million plan and its 73,450 participants. In a statement, Cowen retorted that: ''We do not believe there is any merit to this claim and intend to mount a vigorous defense against it.'' Oh yes, Cowen was relieved of its managerial duties overseeing more than $1 billion earlier this year. Printed from: MFWire.com/story.asp?s=26000 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |