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.
Dreyfus has $183 billion in assets under management, up 4% from the end of last year, Canter told a press briefing at the firms midtown Manhattan headquarters. Driving this growth has been new sales, particularly in the institutional money market, fixed income and separate account area, Canter said.
While acknowledging some weakness in the broker/dealer and financial adviser channels, "due to their equity exposure," added Michael G. Millard, president, Dreyfus Corp., year-to-date, the firms sales are up 5%.
A "five by three by one," mission statement that Canter set out for the firm in 1999 has succeeded, he said, whereby the firm has "become one of the top five players within three years," working as one cohesive whole.
"The bear market is over. We have started a sawtooth bull market," said Richard B. Hoey, Dreyfus chief economist.