Countrywide to Return to Fund Biz
From Los Angeles Times
The mutual fund arena continues to get more crowded. The latest financial services firm into the pool is Countrywide Credit Industries (Calabasas, California). The firm says it is trying to diversify its mortgage business and will focus on California initially. Ultimately it plans to roll out funds, annuities, securities and investment advice to its 2.7 million customers nationwide. Ex-Sierra Capital Management CFO Keith Pipes will head the new investment unit. The news comes one month shy of a year after Countrywide sold its last fund family.

Fund Cos Eye Investments in NetFolio
From Wall Street Journal
In its explanation of "personal funds", the Wall Street paper of record niftily sums up the wrap on funds: "Hefty fees. Unexpected tax bills. No control (and limited knowledge) of the stocks that portfolio managers are buying and selling". James O'Shaughnessy, chairman of Netfolio, is quoted saying the fund industry "is moving from the mutual to the personal." He also reveals that his firm is in talks with "some" fund companies about investing in NetFolio's current round of financing.

Janus Parent Takes Beating
From CBS.MarketWatch
Stilwell Financial continues to take a beating from the street. Yesterday it shares fell another seven percent. The articles sites concerns over the "deteriorating" asset base and cash flows at the firms Janus Funds unit.

Wasacht Plans Tech Fund
From TheStreet.com
Wasatch Funds is readying a tech fund for a December launch. Karey Barker and Ajay Krishnan, co-managers of the Wasatch Ultra Growth fund, will manage the no-load Wasatch Global Technology.

Freedom's Gambacorta on Tech's Decimation
From CBS.MarketWatch.com
The decimation of tech stocks is leaving its mark on funds worldwide. The article shares the thoughts of Anthony Gambacorta, manager of the $100 million Freedom Capital Management fund. The article points to the 27 percent fall of the Euro, rising oil prices and seven interest rate hikes by the European Central Bank paired with a the bias of the Fed for raising rates as reasons for the bear market in tech stocks.

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