Money Management Executive Latest News

With million-dollar producers getting hammered, it might seem that junior brokers would be suffering even more. After all, they do not have the experience to provide perspective, and few have a large clientele that will stick with them.

The National Association of Securities Dealers of Washington has won a legal battle against a publisher who uses NASDR data about broker/dealers. A federal court in Florida dismissed a lawsuit brought by the publisher, Edward Siedle, who demanded access to NASDR data, saying NASDR could restrict information that appears on its public disclosure Web site and how that information can be used.

Prudential Financial has restructured its two domestic mutual fund families, the company said today. The firm’s fund lineup is divided into two groups, Jennison/Dryden and Strategic Partners.

Janus said that it will reopen four of its funds that are currently closed to new investors. As of Dec. 31, the fund giant will reopen to new investors the Janus Fund, which has declined nearly 27% year to date; the Janus Worldwide Fund, which has posted a negative return of 25.6% this year; the Janus Global Technology Fund, with a negative year-to-date return of 38.6% and the Janus Global Life Sciences Fund, which has a negative year-to-date return of nearly 30%,.

Fidelity Investments has launched the Fidelity Discovery Value Fund, an all-cap value portfolio that uses the benchmark of the Russell 3000 Value Index. While Fidelity has a much broader slate of growth-oriented funds, this new product underscores the company’s interest in value investing, said Phil de Cristo, an Executive VP at Fidelity Personal Investments.

Mark Whiston, CEO-elect of Janus, announced this morning that the board of trustees of the Berger Funds has voted in favor of Janus assuming control of three of the firm’s value funds. Pending a March proxy vote, the board has also approved for seven of the Berger growth and three of its institutional products to be merged into Janus funds.

Canada Life Financial Corporation, long considered a prime acquisition candidate, may soon find itself in new hands. Manulife Financial has made a hostile bid of $4.1 billion (C$6.4 billion) for outstanding common shares in the company. According to conditions of the offer, Manulife could pay out a maximum of $1.54 billion (C$2.4 billion) in cash and issue a maximum of 92 million shares.

"The government's pixie dust seems to have lost a bit of its magic," writes Bill Gross, managing director, PIMCO, in his December 2002 Investment Outlook, referring to the current 1.25% Fed Funds rate.

Economic conditions and market volatility have two out of three American retirement savers concerned about their tax burden this year, yet half of them don't know how to reduce their tax bills, according to Fidelity Investments.

NEW YORK – In the face of one of the most difficult markets in the history of the fund industry, Dreyfus’ assets and market share have outpaced the competition, vaulting it from the 13th largest fund organization in the United States in 2000 to fifth place, noted Stephen E. Canter, Dreyfus chairman and CEO.