MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 1, 2000 June 1, 2000 The master's voice From CBS Marketwatch.com "Beloved curmudgeon" sounds like a contradiction in terms, but not if it's John Bogle. The Vanguard founder is an icon in the world of mutual funds despite being its toughest critic. New York was the site for Bogle's latest salvo against the industry. Among his comments: "Too many funds have been formed with the principle purpose of being sold to investors." "Mutual fund directors ... have presided over a change in the very nature of the mutual fund - from being a sound long-term investment to a product offering a short-term marketing opportunity." Montgomery loses its Honour From Morningstar Roger Honour, lead manager at the $450 million Montgomery Growth Fund, is leaving Montgomery to start his own investment firm. His departure was precipitated by the firm’s decision to use global analysts rather than the domestic team, according to Montgomery CEO Mark Geist. Andy Pratt will take over. In an unrelated move, effective June 30, 2000, investors in certain Montgomery funds will face a 2% redemption fee if they've held their shares for less than three months. Not exactly Firsthand news From TheStreet.com The fund industry is under pressure to increase holdings disclosures, but Firsthand Funds is going the other way. The firm announced that, starting in June, its disclosures will be delayed by two months instead of one, as is the current practice. The firm says it's worried about "front-runners" who anticipate the fund's moves and buy shares ahead of it. The move was criticized by Davis Nadig, co-founder of the MetaMarkets, which runs the OpenFund. He called the move a "regression" and said the less-frequent disclosure would do little to shield Firsthand's moves from view. Printed from: MFWire.com/story.asp?s=25721 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |