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, October 10, 2000 Paine Webber Unit to Make Cuts Paine Webber is laying out a new course for its asset management subsidiary Mitchell Hutchins. The firm is planning to reduce the number of funds that the unit advises and it will also be reducing the headcount at the unit. Going forward, the unit will focus primarily on the affluent retail and institutional markets, Paine Webber said today. Currently, Paine Webber offers 25 closed-end funds advised by Mitchell Hutchins and DCI, a unit it acquired earlier this year. Mitchell Hutchins will continue to advise six of the funds. The remaining 19 will use outside firms to as subadvisors in a structure similar to the firm's existing PACE program if the plan is approved by the shareholders. Under the plan released by Paine Webber, Mitchell Hutchins will become a highly specialized investment manager for the affluent retail and institutional markets, focusing on three core areas: quantitatively-driven investments, short-term strategies and municipal securities. The six funds that Mitchell Hutchins will continue to advise are: The PaineWebber Strategy, Tactical Allocation, Financial Services Growth, Enhanced S&P 500 and Enhanced Nasdaq 100 funds. "Mitchell Hutchins is positioned for strong, sustainable growth," said Brian M. Storms, president and chief executive officer. "Our focus is on what we do best and what the marketplace looks to us for - specialization in quantitatively-driven investments, short-term strategies, municipal securities, as well as proven performance." Printed from: MFWire.com/story.asp?s=26179 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |