Investment News back issues from December 2002:
Berger mulls suitors for growth funds. (At the Bell).
Dec 02, 2002 ... Trustees of Berger Funds have narrowed down the list of suitors to take over its growth funds after a reorganization does away with the Denver-based mutual fund. A final decision is expected this week, a spokeswoman says. Berger's growth funds, with total assets of $1.17 billion, are owned ...
Fidelity brokerage taps McColgan. (At the Bell).
Dec 02, 2002 ... Fidelity Investments in Boston has named Ellyn A. McColgan president of its brokerage group, which has 9,000 employees and handles $700 billion in assets. Ms. McColgan will oversee the firm's brokerage and mutual fund operations. She is now Fidelity's highest-ranking female ...
Prudential, ING join forces. (At the Bell).
Dec 02, 2002 ... Prudential Financial Inc. of Newark, N.J., and the ING Advisors Network of Atlanta agreed to sell a Prudential managed-account platform through ING's ...
NASD offers investment tools. (At the Bell).
Dec 02, 2002 ... The board of governors of NASD in Washington has approved a proposal that will enable NASD member firms to provide their customers with interactive investment-analysis tools. The proposal is pending approval by the Securities and Exchange Commission ...
Global equities' course in question. (At the Bell).
Dec 02, 2002 ... With global equities promising modest profits at best in the coming year, investors should look to such assets as bonds and property, says Alan Brown, chief investment officer at State Street Global Advisors in Boston. "We're not ...
J.P. Morgan raises $1.7 billion. (At the Bell).
Dec 02, 2002 ... J.P. Morgan Partners said it raised $1.7 billion for its latest private equity fund. J.P. Morgan Partners, the buyout arm of J.P. Morgan Chase & Co. in New York, said the bank would match the fund with at least $3 for every $1 raised. That gives ...
Cash flows out of stock funds. (At the Bell).
Dec 02, 2002 ... Investors pulled money out of stock mutual funds last month, according to new industry data. In October, investors took a net $7.71 billion out of U.S. stock mutual funds, extending the trend of redemptions for the fifth straight month, the ...
Janus scrambles to remake itself: critics see spin; company sees 'growth and expansion'.
Dec 02, 2002; ... Janus Capital Corp. has paid a punishing price for its reputation as a go-go growth shop. Now it hopes to pull an "Eminem." The rap singer was able to shed his sullied image overnight with his movie debut, and Janus hopes to do the same with a dramatic makeover. If ...
LTC insurers deal bad hands: mispricings, weak economy force some to hike premiums.
Dec 02, 2002; ... Long-term-care-insurance companies are introducing new products with purportedly richer benefits, but skyrocketing rates at some companies could send consumers to the poorhouse. New policy rates are climbing because of higher-than-expected claim levels, lower-than-expected lapse ...
It's academic: CFP Board wants Ph.D.: credentials group seeks to build a base of scholarly research.
Dec 02, 2002; ... A select few financial advisers could soon be smoking aromatic tobacco and pontificating on the finer points of financial planning. The Certified Financial Planner Board of Standards Inc. in Denver is working toward announcing a new educational program designed to confer a ...
Ship of fools: scams land on our shores. (Insights & Analysis).
Dec 02, 2002; ... My ship has come in! In a few months I'll be a millionaire, and I'll be able to retire. I'm not going to put my money into the stock market or into bonds. In fact, I don't have to risk any of my own money at all, and I'll earn a 30% share of $21 million! All I have ...
Eenie, meenie, minie--wrong choice. (Tips, Trends & Observations).
Dec 02, 2002; ... Douglas Manchester fought the law of averages, and the law won. The founder and now former chief executive of Emplanet Inc. left a top job at Fidelity Investments in Boston in 2000 to start a dot-com he thought could revolutionize the 401(k) industry. The Westborough, ...
Audit this. (Tips, Trends & Observations).
Dec 02, 2002; ... At the "Enron, WorldCom and the Sarbanes-Oxley Act of 2002" seminar last month, sponsored by the American Law Institute-American Bar Association of Philadelphia (see Page 11), one participant talked up audit committees. "The heart of this independence is the new requirement on ...
On a mission. (Tips, Trends & Observations).
Dec 02, 2002; ... Lincoln Retirement's chief executive, Lorry Stensrud, is on a mission to turn financial advisers into retirement income specialists. The head of annuities for The Lincoln National Life Insurance Co. in Fort Wayne, Ind., Mr. Stensrud says that Lincoln has created a training and ...
Inscrutable Fed chief roils bonds: mixed signals on economy keep the market guessing.
Dec 02, 2002; ... Alan Greenspan is driving bond investors crazy. They can't agree on which bonds the Fed chief's actions and statements of the past month favor, or whether they favor bonds at all. When the Federal Reserve cut its target for the federal funds rate by ...
Thanksgiving reflections on the year: the down market yields a bumper crop of clients.
Dec 02, 2002; ... Unlike most Americans, financial advisers gave thanks last Thursday for the market downturn. Aside from shrinking retiree savings and bankrupting technology companies, the market caused investors to seek professional investment advice in droves, generating a cornucopia of new ...
A split personality hampers economy: is the recession over or just starting?
Dec 02, 2002; ... The economy appears to have a bad case of schizophrenia. It doesn't know whether to dip or zip. A fair share of cheerleaders say we're on our way to better days, but pessimists say some crucial vital signs have yet to show real life. Russ Hagey, managing director in ...
A triple dose of better economic news. (The Week in Review).
Dec 02, 2002; ... Here are a few things to be thankful for. The Department of Commerce in Washington announced that personal spending in October had surpassed income growth for the first time since the summer, climbing 0.4% on the heels of a 0.4% increase in September. Meanwhile, the ...
Holiday cheer. (The Week in Review).
Dec 02, 2002 ... Just in time for the holiday shopping season, the Securities and Exchange Commission has proposed easing restrictions on share- buyback programs to allow companies to repurchase more of their own shares during times of stock market volatility. The SEC is also considering a rule change that ...
Paying the piper. (The Week in Review).
Dec 02, 2002 ... In the gym, the mantra is: "No pain, no gain." On Wall Street, it goes something like this: "Big dough, no probe." Wall Street investment banks may have to pay massive fines if they want to put those nasty conflict-of-interest probes behind them, according to published reports ....
Playing fair, by force. (The Week in Review).
Dec 02, 2002 ... Stay tuned for more to come. The SEC last Monday launched the first enforcement actions brought against U.S. companies for violating Regulation Fair Disclosure, a two-year-old law requiring companies to release financial information to the public at the same time it goes out to Wall ...
Making things right. (The Week in Review).
Dec 02, 2002 ... How exactly do you correct nearly $9 billion worth of mistakes? A federal judge Tuesday approved a partial settlement in a securities fraud case against Clinton, Miss.-based WorldCom Inc. under which the telecommunications group agreed to hire ...
Shift to advice rolls on, despite downturn: Morgan Stanley, RBC Dain Rauscher take different paths to same end.
Dec 02, 2002; ... If the punishing 30-month market downturn has convinced brokerages of anything, then the future can be summed up in two words: investment advice. Despite sagging revenue and severe layoffs, Morgan Stanley of New York has bet almost $1 billion on a new system that collects all ...
New cash pours into tech and telecom funds: rally shows few signs of slowing.
Dec 02, 2002; ... It probably will be a while before mutual funds that invest in technology and telecommunications stocks become the topic du jour at cocktail parties, but don't be surprised if that happens sooner rather than later. The icy relationship between investors and technology and ...
FPA must risk breaking eggs to move industry forward. (Editorial).
Dec 02, 2002 ... Pity the Financial Planning Association. The Denver-and Atlanta-based organization has been faced with the Solomon-like task of putting together a professional organization for an industry that is as splintered as can be. The long-term goal, of course, is to make financial ...
Details rarely included can be a factor in story. (Correspondence).
Dec 02, 2002 ... As the object of [Steven] A Ciric's comments [At Issue, Aug. 26],1 would appreciate an opportunity to reply. One of the problems often encountered when responding to queries of reporters is that usually there is little opportunity to fully qualify or characterize one's ...
Fears about Sarbanes-Oxley may be overblown. (Meetings, Conventions & Hearings).
Dec 02, 2002; ... All the hand-wringing over the Sarbanes-Oxley Act may well turn out to be much ado about nothing. That was one of the contentions at a Washington seminar held Nov. 21 and 22 by the American Law Institute-American Bar Association. The title of the seminar was "Enron, WorldCom and ...
Merrill futures offer access to S&P 500 stocks. (New Products, Services).
Dec 02, 2002 ... Merrill Lynch & Co. Inc. in New York has launched futures contacts that offer a way to gain access to the common stocks of the 50 companies in the Standard & Poor's 500 stock index with the largest market capitalizations. ...
First American launches bond funds. (New Products, Services).
Dec 02, 2002 ... The First American Funds has launched two fixed-income funds, following the merger of two U.S. Bank common-trust funds. The U.S. Government ...
Insurers get fidelity real estate portfolio. (New Products, Services).
Dec 02, 2002 ... Fidelity Investments Institutional Services Co. in Boston has introduced a real estate portfolio aimed at insurance companies that want to enhance investment options available within their variable-annuity and life products. Fidelity VIP Real Estate Portfolio ...
S&P's indexes-versus-funds score card. (New Products, Services).
Dec 02, 2002 ... Standard & Poor's in New York has unveiled the Standard & Poor's Indices Versus Active Funds Scorecard. The ...
An new annuity for the retiring rich. (New Products, Services).
Dec 02, 2002 ... The Phoenix Companies. Inc. in Hartford, Conn., unveiled a fixed single premium immediate annuity designed to meet the income needs of affluent clients who are nearing retirement. In exchange for a single ...
Nasdaq adds ETFs based on ADRs. (New Products, Services).
Dec 02, 2002 ... Nasdaq Financial Products Services Inc., a New York subsidiary of The Nasdaq Stock Market Inc., has introduced a new family of exchange-traded funds based on The Bank of New York American depositary receipt indexes. The baskets of listed depositary receipts are the first ETFs ...
Retirement planning tool from Manulife. (New Products, Services).
Dec 02, 2002 ... The Manufacturers Life Insurance Company (U.S.A.) in Boston has introduced its latest sales tool kit and MLI Solutions software module. The MLI Solutions Retirement Planning concept-illustration system helps producers provide solutions to ...
New 401(k) plan from Potomac Fund. (New Products, Services).
Dec 02, 2002 ... Potomac Fund Management Inc., a money management firm in Montgomery Village, Md., will soon offer a professionally managed 401(k) plan that will allow employees to choose an account where investment decisions are made and executed for them ....
Merrill Lynch & Co. Inc. (Hirings & Promotions).
Dec 02, 2002 ... Merrill Lynch & Co. Inc. in New York has named Thomas H. Patrick, 59, executive vice chairman and Abmass L. Fakahany, 44, chief financial officer. Mr. Patrick will be responsible for finance and administration, while continuing as a member of the company's operating and ...
Neuberger Berman Inc. (Hirings & Promotions).
Dec 02, 2002 ... Neuberger Berman Inc. in New York has opened a new office in Newport Beach, Calif., to serve Orange County. The company has hired Roger B. Palley, 60, as managing director in its private-asset-management division. Mr. Palley will continue to manage portfolios for wealthy individuals and ...
Bear Stearns & Co. Inc. (Hirings & Promotions).
Dec 02, 2002 ... Bear Stearns & Co. Inc. in New York has appointed Francois Trahan, 33, managing director and chief investment strategist. Mr. Trahan will develop an investment strategy for the ...
The Academy of Financial Services Studies LLC and Precision Marketing Partners LIC. (Hirings & Promotions).
Dec 02, 2002 ... The Academy of Financial Services Studies LLC and Precision Marketing Partners LIC in Milwaukee have named Henry J. "Hank" Schulthesz, 45, principal and senior member of the firms' executive team. Mr. Schulthesz will take a ...
The Securities and Exchange Commission. (Hirings & Promotions).
Dec 02, 2002 ... The Securities and Exchange Commission in Washington has appointed Herb Perone, 50, deputy director of the office of public affairs. Mr. Perone will be involved in the management of the ...
The Financial Planning Association. (Hirings & Promotions).
Dec 02, 2002 ... The Financial Planning Association in Denver and Atlanta has appointed four new members to its board of directors, each of whom will serve a three-year term, beginning next year. Mark Johannessen, 39, is a senior planner for Sullivan Bruyette Speros & Blayney Inc. in McLean, Va ...
BlackRock Inc. (Hirings & Promotions).
Dec 02, 2002 ... BlackRock Inc. in New York has hired a team of four to build its private-client-distribution capabilities throughout the United States. Richard Duff, 36, will serve as the head of private-client distribution with responsibility for enhancing and expanding BlackRock's ...
Sustainable Asset Management. (Hirings & Promotions).
Dec 02, 2002 ... Sustainable Asset Management, a Swiss global asset management company with U.S. offices in Chicago, has appointed Dale M. Hanson, 60, member of the SAM-USA advisory board. Mr. Hanson will provide counsel to SAM-USA on marketing the sustainable-investment ...
Date book: Events & Happenings.
Dec 02, 2002 ... DECEMBER 3 -- Effective Asset Gathering and Retention for Managed Accounts, Financial Research Associates LLC. City Athletic Club, New York. (800)280-8440 or frallc.com. 5 -- Sarbanes-Oxley Act: Impact on Civil Litigation under the Federal Securities Laws, American ...
Small Funds: Emerging markets come on strong, growth takes a bath. (The Markets).
Dec 02, 2002 ... <Pre> Small Funds Emerging markets come on strong, growth takes a bath EQUITY INCOME 1-year3-yearYTD % change % change Std dev TOP 10 FAM Equity Income-1.42 ...
Balancing act delivers the goods for this fund. (Commentary).
Dec 02, 2002; ... Last fall, Capital West Asset Management LLC in Greenwood Village, Colo., was basically a process in search of a product. The company was managing less than $100 million under a quantitative strategy that was almost perfect for market conditions then. Unfortunately, the strategy ...
At a glance: Dell Computer Corp. (Investment Watch).
Dec 02, 2002 ... Fiscal 2001 revenue: $31.9 billion Fiscal 2000 earnings: $2.2 billion 2001: $25.3 billion 2001: $1.7 billion 52-week high: $31.06 52-week low: $21.90 P/e: 38.12 Price/book: 15.73 Market cap: $73.3 ...
Hedge fund turnover forecast: as many as 1,000 could bite the dust in 2003.
Dec 02, 2002; ... Up to 1,000 hedge funds-one-sixth of the total market by most estimates--likely will close shop in 2003, according to TASS Research, the information and research arm of Tremont Advisers Inc. in Rye, N.Y. But that is only half the story. Another 1,200 to 1,500 hedge ...
Un-loading may be next big countertrend: just manage funds well; they will sell.
Dec 02, 2002; ... The Brazos Mutual Funds group in Dallas is getting rid of sales loads, and some mutual fund experts say it may be the first in a growing number of fund companies to make the move. In giving up on broker-sold funds, however, Brazos is swimming against the tide. "The ...
One on one.
Dec 02, 2002; ... When money managers move into cash, Diane Mix moves into action Ms. Mix, founder and president of Horizon Cash Management LLC in Chicago, has built a business by making the most of cash positions for professional managers and wealthy individual investors. Horizon, ...
Miller's streak likely to continue. (At the Bell).
Dec 09, 2002 ... Legg Mason Value Trust manager Bill Miller is on track to extend one of Wall Streets longest winning streaks. Barring any dramatic shifts in the performance of the Standard & Poor's 500 stock index or in Mr. Miller's portfolio in the remaining weeks of 2002, Mr. Miller is about to earn ...
CFP Board awards education grant. (At the Bell).
Dec 09, 2002 ... The Certified Financial Planner Board of Standards Inc. in Denver has awarded Texas Tech University in Lubbock about $2 million over seven years to bolster its graduate programs in financial planning. The grant, coupled with $4 million in ...
Good November for stock funds. (At the Bell).
Dec 09, 2002 ... Domestic stock funds turned in an impressive performance in November, with value funds beating out growth 6.85% to 5.75%, according to Lipper Inc. in New York. Small-cap funds outperformed large-caps 7.17% to 4.98%. The average domestic stock fund rose 5.86% in November after climbing ...
Tech taint shades Pru 'star': new broker head's business associates under cloud.
Dec 09, 2002; ... At a time when Wall Street is desperate to regain investor trust, the new head of brokers at Prudential Securities Inc. in New York is enmeshed in a growing Canadian financial scandal. Prudential Financial Inc. of Newark, N.J., last week tapped Michael Rice, a 35-year-old ...
Funds nix daylight on proxies: present united front in comments to SEC.
Dec 09, 2002; ... The mutual fund industry wants to keep a veil over proxy disclosure. At least that's how it appears, based on the letters major industry participants filed with the Securities and Exchange Commission regarding its proxy-voting proposal. As the public comment period ...
Tax break bandwagon ready to roll: industry has wish list for GOP on Capitol Hill. (Special Report).
Dec 09, 2002; ... If the new Republican Congress' agenda is going to be, first and foremost, about tax reform, then the financial services industry wants to be on it. It will be pushing next year to make higher retirement contributions permanent and to accelerate the schedule for phasing in ...
Corzine wary of state control. (At the Bell).
Dec 09, 2002 ... Sen. Jon Corzine, D-N.J., has expressed concern that actions by state attorneys general are leading to state control of national securities regulations. Speaking to a conference in Washington sponsored by the Consumer Federation of America, the former Goldman Sachs co-chairman said, "If we ...
Morningstar, AOL expand pact. (At the Bell).
Dec 09, 2002 ... Morningstar Inc. in Chicago and America Online Inc. of Sterling, Va., have agreed to offer the Morningstar ClearFuture retirement planning tool. Since 1994, Morningstar has provided AOL with investment information available through AOL'S personal-finance channel. Under the new agreement, ...
More rules coming on stock research. (At the Bell).
Dec 09, 2002 ... The Securities and Exchange Commission in Washington plans to publish a second round of proposed rules on stock analyst research by yearend. The agency will make available for public comment proposals that the New York Stock Exchange and NASD submitted in October, which further crack down ...
The triumph of an 'individualist'. (Insights & Analysis).
Dec 09, 2002; ... So intense is the competition for pension fund dollars that many money management firms have turned their attention to gathering individual investor assets to manage--assets they wouldn't have touched a decade ago. Many firms are actively seeking to manage the assets of wealthy ...
AmEx fined for suitability infractions. (Tips, Trends & Observations).
Dec 09, 2002; ... American Express Financial Advisors has settled a suitability complaint with NASD. The Washington-based brokerage industry self-regulatory organization has censured the Minneapolis-based financial planning unit of American Express Co. and fined it $350,000 for misleading ...
A true rally or schizophrenia? (Tips, Trends & Observations).
Dec 09, 2002; ... Stephen S. Roach, chief economist and director of global economics at Morgan Stanley in New York, is afraid of what he calls the "schizophrenic character of economic recovery," sister publication Pensions & Investments reports. For the third time in about the past year, the ...
Free offer: act fast. (Tips, Trends & Observations).
Dec 09, 2002; ... On Wednesday, Morningstar Inc. in Chicago is allowing registered members to test-drive for free Morningstar 529 Advisor, its new online 529 plan college savings planning and research tool. So kick the tires on 529 plans for tax advantages and other criteria. Look under the hood ...
Fewer defaults but bigger hits for bonds: investor pain likely to intensify over the next 12 months.
Dec 09, 2002; ... The projected rate of bond defaults has lessened somewhat, but the bite a busted bond could put on your bottom line may be more painful than ever. So says Tim Kasta, managing director of Moody's KMV, a division of Moody's Corp. in New York. Mr. Kasta says his San ...
FPA tiers draw some jeers: new designations create second-class members, critics say.
Dec 09, 2002; ... For Financial Planning Association members who are not certified financial planners, recent changes giving CFPs higher status in the group are both pivotal and meaningless. On one side, the changes are significant because they solidify the commitment the organization made at its ...