Schwab adds sector funds
From The Wall Street Journal
Not long ago Charles Schwab offered no funds of its own. Then it turned to offering index funds. Now The California Collossus is rolling out four new sector funds: Schwab Financial Services Focus, Schwab Health Care Focus, Schwab Technology Focus and Schwab Communications Focus. The new funds may mark the start of Schwab's competition with the funds in OneSource, but outside fund companies are not worried according to the Journal.

Bogle Not Retired Yet
From The Wall Street Journal
Surely no one would have thought that Jack Bogle would slip quietly from sight following his retirement. He has not disappointed. The Journal summarizes Bogle's latest critique of his peers in the fund industry. What are the problems in the industry? Too much portfolio turnover and the creation of untested funds and concepts, he says.

Eaton who?
From The Boston Globe
Eaton Vance road strong investment performance to the top of the charts in the Globe's rankings of Massachussetts companies in 1999. The fund company jumped from a 96 ranking in 1998 to a number one in 1999. The numbers behind this impressive move: revenue grew by nearly 40 percent last year and delivered a 72 percent jump in operating earnings for its fiscal year, which ended Oct. 31. Revenue hit $349 million, while operating earnings (before an accounting change) rose to $52.4 million, or $1.41 per share.

Pioneer to vote
From The Boston Herald
Pioneer shareholders will get their chance today to vote on the company's sale to UniCredito Italiano SpA. The sale price is 40% above last Friday's market close.

More coverage
• SmartMoney argues that Pioneer needs a clean-up.

 

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