Word: portfolios
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Recently I received a brochure in the mail from Fidelity Investments, the giant financial company, inviting me to sign up for something called "Portfolio Advisory Services." For an annual fee of 1%, "a dedicated account executive" will invest my money for me, spreading it among Fidelity's dozens of "equity, bond and short-term mutual funds." My "portfolio" will be "personally tailored," of course, but basically the program promises what we all want: "preservation of assets as well as ... growth and income." This is known as a "wraparound account." It is one of the newer products invented by the financial...
...after I pay the "portfolio adviser" to choose my mutual funds and the mutual-fund manager to choose my stocks and bonds, I pay the top corporate executives to buy and sell the right divisions -- and pay the investment bankers to tell them how to do it. Eventually, way down there somewhere, I maybe pay someone to make and sell a product. I wouldn't know...
...part, Piper says it regrets the hits that clients have taken in the now notorious Institutional Government Income Portfolio, whose value has fallen nearly 25% this year. Nonetheless, the firm insists that fund manager Worth Bruntjen invested the money precisely along the lines set forth in the prospectus, even though nearly half the fund's assets were in the form of volatile derivatives. In a gesture of good will, Piper put $10 million of its own money into the Institutional Government fund and continues to call it a sound investment...
...Washington has largely contented itself with moves such as calling upon mutual funds to provide more disclosure of the derivatives they own or might consider buying. For example, the sec is mulling a proposal that would require funds to develop a standard way to measure the risks of a portfolio. Meanwhile, the General Accounting Office is urging regulators to tighten their scrutiny of derivatives dealers...
...Martin Siegel pleaded guilty to illegal stock trading and tax evasion in a case that broke open Wall Street's most notorious insider- trading ring. This year Kidder has witnessed not only another huge scam but a swift run-up in interest rates that has battered the firm's portfolio of mortgage-backed securities; the drubbing could mean more than $500 million in losses for the ailing brokerage house, according to an outside estimate...