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Monday, July 17, 2000 July 17, 2000 ING hits tax snag with Aetna From New York Times Those who were looking to the announcement of ING buying Aetna's financial services unit (which was expected today following a meeting of Aetna's board on Saturday) may have to put the champagne on ice. The New York Times quotes people "close to the talks" as saying that the deal has hit snags. The biggest issue is avoiding paying taxes on the reputed $7 billion deal. The sources now claim that the deal will not be announced until the middle of next week. ETrade's purchase From USA Today ETrade is purchasing San Francisco-based Electronic Investing. The acquired company enables investors to build portfolios through dollar-amount investments rather than purchasing shares. ETrade will offer the product to financial advisors and its 3 million account holders. No terms of the transaction are known. Investor led funds From Wall Street Journal Fund management continues to become more participatory. Los Altos, California-based Marketocracy Inc. is the latest to let its investors become become portfolio managers. The site will pick the best stockpickers in a contest run on its Web site to act as managers for a fund it will launch. Ken Kam, Marketocracy's chief executive and manager of its Medical Specialists Fund (and cofounder of Firsthand Funds) is quoted as saying: "At the end of three years, we're going to have identified people with the best three-year track records. We'll take the best five in each sector and let them co-manage a fund." Those chosen will even get to take home a paycheck. Other funds taken similar approaches include StockJungle.com and MutualMinds.com. Cramer's list From TheStreet.com Look Out! TheStreet.com's Jim Cramer is gunning to take down the fund industry. To report on fund company's accountability to investors (or the lack thereof) the feist hedge fund manager and columnist has invested $2,500 in 50 different funds. Cramer plans to report on his direct experience as an investor in these funds. The list please: le Printed from: MFWire.com/story.asp?s=26022 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |