Stillwell Financial Is Spun Off from Kansas City Southern
July 17, 2000
Stillwell Financial began trading independently of Kansas City Southern Industries of Kansas City, Mo. on July 12.
The four companies to comprise Stillwell Financial include mutual fund companies Janus and Berger Associates, both of Denver, as well as DST Systems, a financial data processing firm in Kansas City and Nelson Money Managers of London.
The market did not respond enthusiastically to the spin-off, which has been surrounded by controversy as Janus has objected to being spun-off with others of Kansas City Southern's financial services businesses. Stillwell, which began trading on a "when-issued" basis on the New York Stock Exchange (under the symbol SV) on June 26 at $36.75, opened July 12 at a 52-week high of $48 and closed at $45.25. Kansas City Southern (KSU) also reached a 52-week high of $95.75 during the day and closed at $93.75.