2000 Is a Record Year
From Wall Street Journal
Equity mutual funds pulled in a record $309 billion in 2000, estimates the Investment Company Institute, shattering 1997's record by $82 billion. The industry was pushed over the $300 billion barrier by $11.58 billion of net new cash in the month of December. That was more than twice November's $5.5 billion. Flows into money market funds fell to $16.6 billion from $56 billion in November.

But Not All Investors Won
From Los Angeles Time
Though 2000 was a record year, success was still in the eye of the beholder, claims the paper. It points out that half of the record $309 billion in net stock fund flows came in just the first third of the year. Many of the investors in these funds remain in underwater. Yet, treasury and municipal bond funds "racked up healthy returns for the year" and investors pulled money from these funds in 2000.

Stilwell May Go on Shopping Spree
From Wall Street Journal
Janus may get more siblings. Stilwell Financial is reportedly on the hunt to "aggressively pursue strategic partnerships, acquisitions and other transactions," says the paper. It adds that Stilwell attracted $68.4 billion in net new cash during 2000, exceeding 1999's total of approximately $55 billion.

Schwabbies Told to Take Fridays Off
From New York Times
The green eyeshade crowd at Schwab is still cutting costs. A little more than a month after the firm announced a hiring freeze it has told half its employees to take three Fridays off during the next five weeks to cut expenses. The firm expects most of the eligible workers to use vacation time. "We are looking as a management team at a whole wide range of steps we could take without resorting to the blunt ax of layoffs," Christopher V. Dodds, the firms CFO told the paper. "We view layoffs as darn-near the last resort."

Putnam Earns Record Profits
From Boston Globe
Putnam Investments reported an operating profit of $245 million in the fourth quarter from $209 million a year ago. The firm is a unit of Marsh & McLennan. Putnam also reported its assets fell 5.3 percent to $370 billion despite $33 billion in new fund sales in 2000.

Schwab, TD Waterhouse Ally
From Wall Street Journal
Cats and dogs may be able to get along as Charles Schwab and TD Waterhouse Group are jointly purchasing Abbey National's Aitken Campbell & Co. in order to form a British brokerage supermarket. The two firms agreed to pay $87.8 million for equal stakes in the Scottish company.

Kelmoore Fund Profile
From Wall Street Journal
The Kelmoore Fund's Matthew Kelmon and his covered option strategy is profiled by the paper. bets on big, blue-chip names -- but with an extra-conservative twist.

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