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 |
|
Wednesday, September 26, 2001 Orphaned from Mother Merrill Standard & Poor's chief economist says we are in recession. Yet, the firm's analysts have joined the chorus of market watchers urging investors to do nothing. The advice was offered on S&P's Fund Advisor Web site and was authored by Philip Edwards, managing director of global mutual fund research and Rosanne Pane, director and mutual fund strategist. The paper marks the first review by the firm of its new model fund portfolios. "The natural inclination during market corrections is to move to more stable fixed income vehicles and away from equity markets," according to Edwards and Pane. "When this happens, short-term actions begin to drive long-term investment strategies. As we all know, the opposite should be happening. Where to put the next dollar of investment should be decided by an asset allocation intended to meet long-term goals." * * * Nuveen Investments raised $1.0 billion for six municipal new closed-end funds covering the states of California, Georgia, Maryland, Michigan, and Ohio. The lead manager of the underwriting syndicate was Salomon Smith Barney Inc. * * * The merger of First American and Firstar Funds is complete. The combined family of funds numbers 55 and has $53 billion of assets managed by U.S. Bancorp Piper Jaffray Asset Management. * * * Mellon Financial is forming a new money management unit. Boston-based Mellon Growth Advisors will specialize in actively managed growth equity investing for institutional clients. The units portfolios managers will consist of a core team hired from State Street Global Advisors (SSgA) consisting of Edward Allinson, David B. Smith and L. Emerson Tuttle. Francis D. Antin will be president and chief executive officer. * * * Tremont Advisers shareholders have approved Oppenheimer Acquisition's buyout offer. The deal was announced in July and is scheduled to close on October 1, 2001. Oppenheimer is paying $19 per share for Tremont. * * * Jeffrey Peek is leaving Merrill Lynch after 18 years of service. Peek had been head of the chief of the asset-management division. He will be succeeded by Robert Doll, the firm's global cio. Peek is the first causality following the appointment of Stanley O'Neal as president at Merrill. Both men were top candidates for the position. * * * According to The New York Times, firms on Wall Street are loathe to make job cuts even though the financial services industry faces a continued slump. Firms do not want to appear heartless in the face of the September 11 disaster. Firms might take the step of severely reducing year-end bonuses than let people go. * * * Ben Lewis, a media relations manager at Scarborough Group, volunteered at the Disaster Relief Center near the Pentagon for two days. * * * According to the NDCC, Congressional leaders are looking at ways to provide assistance for the victims of September 11. Those considerations relating to employee benefits include: 1.) allowing companies to make tax-free payment to the families of victims, 2.) allowing access to surplus DB assets to be used as health benefits, and 3.) waiving non-discrimination rules and incidental death benefit limitations on retirement plan distributions. Printed from: MFWire.com/story.asp?s=26897 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |