MFMarketNews Weekly Web Flash
October 29, 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:
* The final chapter in the Heartland Funds' valuation case may be coming to a close. A receiver appointed by the U.S. District Court in Chicago is proposing that the firm's three high- yield bond funds at the center of the debacle sell their high-quality bonds and distribute the proceeds to shareholders.
* Investec Group's U.S. fund management unit, Investec Asset Management U.S. Ltd, is seeking to liquidate three funds and merge them with two other funds in the firm's lineup of products, according to a proxy statement filed with the Securities and Exchange Commission. The firm wants to merge its internet.com Index and Wireless World funds with the Investec Wired Fund and the Asia New Economy Fund with the Asia Small Cap Fund. The firm is also seeking to rename the merged Asian funds.
* Wilmington Trust Corp. will buy advisory firm Balentine & Co. to expand into Atlanta's high-net-worth market. Terms of the deal, which is expected to close in January, were not disclosed.
Wilmington Trust CEO Ted Cecala said the company would buy 100% of the equity interest and 80% of the profit interest in Balentine, which also has offices in Nashville.
* The Ziegler Companies Inc. announced a 10% reduction in staff across its businesses. The Milwaukee-based firm operates a capital markets group and an investment services group, including the North Track mutual fund family. The cuts amount to 35 positions, two of which are wholesaling positions with North Track.