MFMarketNews Weekly Web Flash
September 24, 2001
Mfmarketnews.com is keeping abreast of the industry's latest developments with postings twice a day. If you didn't log on last week here are some Web exclusives you missed:
* Zurich Financial and Deutsche Bank are in advanced negotiations for a deal in which Deutsche Bank would acquire the Swiss insurance giant's mutual fund arm, Zurich Scudder Investments, and Zurich Financial would pick up Deutscher Herold and other European insurance companies held by Deutsche Bank. However, the negotiations have been stalled as a result of the terrorist attacks in New York and Washington, according to reports late last week.
* In response to last week's disaster, the Securities and Exchange Commission has issued an industry-wide order exempting funds from certain requirements under the Investment Company Act of 1940. The order temporarily waives certain requirements concerning directors meetings and lending arrangements.
* The board of trustees of the Harbor Fund, a family of 12 portfolios advised by Harbor Capital Advisors, has approved several key changes to its value fund, including a change of the Harbor Value Fund's sub-advisor and investment objective. The board seeks shareholder approval to allow the fund to invest in large cap companies, rename the fund to Harbor Large Cap Value Fund and drop Richards & Tierney and DePrince, Race & Zollo as the fund's sub-advisors for Armstrong Shaw Associates.
* Fiduciary Trust, a subsidiary of San Mateo, Calif.-based Franklin Resources that was headquartered in Two World Trade Center, said last week that 555 of its employees escaped the building including its CEO, CIO, CFO and most of its portfolio managers, but said 90 employees were still missing.
* AMCORE Bank of Rockford, Ill., has established the Americans Supporting Americans Relief Fund to help the World Trade Center and Pentagon recovery efforts and the families and victims of the tragedy. AMCORE Bank is a subsidiary of AMCORE Financial, the asset management unit of which serves as the investment advisor to the Vintage Funds.