MFMarketNews Weekly Web Flash
October 1, 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:
* Deutsche Bank announced it will acquire Zurich Scudder Investments for $2.5 billion. For its part, Zurich will acquire a 76% stake in Deutsche Bank's Deutscher Herold and 100% of Deutsche Bank's insurance interests in Spain, Portugal and Italy, an acquisition valued at $1.5 billion. Threadneedle Investments, Zurich's U.K. asset management group, was not part of the deal and will remain with Zurich Scudder.
* Equity funds posted $8 billion in outflows for the month of August, the second worst month this year, as prolonged declines in stock prices put many fund investors in a state of unease, according to preliminary flow figures issued last week by Lipper.
* The Securities and Exchange Commission has given mutual funds that advertise tax efficiency another two months to comply with its after-tax disclosure rule. Last week's announcement at an open meeting follows a number of actions intended to help investment companies better cope with the disruption of business resulting from the terrorist attacks. Those actions allow an easing of lending and borrowing rules as well as exemptions requiring fund boards to meet in person.