Word: mutuals
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...with, who are at once disproportionately the victims of crime and its perpetrators. The great majority of hardworking, law-abiding minority residents need the police for protection, just as the police need their help to catch the bad guys. But it is a relationship that can easily spiral into mutual recrimination, triggered by a cop killing or by police brutality...
FUND FLEE With investors taking financial matters into their own hands, how can a mutual fund keep them from deserting? An increasingly popular tactic, according to Financial Research Corp., is to slap them with a fee for making an early exit. More than 300 stock funds now impose a redemption fee, with most levying a 1% to 2% penalty, for bailing within the first three-to-six months. Invesco just instituted a fee on nine funds. Direct-marketed, no-load funds most often use the fees, but Janus and Strong have largely resisted the trend...
...Without mutual trust and market participants abiding by a rule of law, no economy can prosper," Greenspan said...
...surprise, then, that much of the competition isn't faring too well either. Close to half the 600 or so mutual fund families experienced net withdrawals in the first quarter of 1999, and floundering funds were merged out of existence at a record pace last year, according to Lipper Inc. Once-high-flying firms such as Stein Roe, Pilgrim Baxter and Berger Associates are reassigning dud managers and hustling to attract new money. Says Stephen Cone, president of customer marketing at Fidelity Investments. "We're not going to see the phenomenal growth of the past, and that...
...such developments are nothing compared with what's taking shape in the mutual-fund industry. Coming your way: intraday fund pricing and active trading of stock funds similar to what goes on daily with individual stocks. Already, mighty Fidelity Investments prices its 38 industry funds and their $20 billion in assets every hour, though it discourages frequent trades by assessing redemption fees. Virtually all other funds are priced just once a day, at the market close. But stepping up to twice-a-day pricing, at the least, seems likely. And with today's computing power, minute-by-minute pricing...