Barclays Global Fund Advisors of San Francisco will serve as the investment adviser to the three mutual funds that X.com, an Internet start-up in Palo Alto, Calif., plans to launch by the end of the year. John Story, who joined X.com in August as executive vice president and president of X.com Asset Management, had said the firm would break into the industry by aligning with "an extremely well-known, large money manager with a long history." (MFMN, 9/13/99)
Barclays Global Fund Advisors is a subsidiary of Barclays Global Investors, which has $680 billion in assets under management and one-quarter of the Fortune 500 firms as clients.
"Some will see this as an improbable partnership: a Silicon Valley Internet start-up and a venerable investment house with a lineage to 17th Century England. But it's really a match of industry innovators," Story said in a statement.