Weekly Web Flash
December 10, 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's acquisition of Zurich Scudder will result in the loss of nearly 1,500 jobs, or about 20% of the combined group's 8,000 employees, according to published reports. The reductions will be made to Zurich Scudder and Deutsche's asset management unit and and will affect about 400 investment professionals, including portfolio managers, analysts and traders.
* Putnam Investments will add 10 individual asset class investment options to its 529 savings program, Putnam CollegeAdvantage. The company described the additions as the first individual asset options to be available in a 529 program
* In response to the growing 529 market, Morningstar has enhanced its Web site for financial advisers by adding new analytical tools that target state-sponsored college savings plans. The database is designed to help advisers compare their options when choosing a 529 plan, said Chris Boruff, president of Morningstar's advisor business unit.
* Franklin Templeton will close the Franklin MicroCap Value Fund to new investors when the fund's total net assets reach $300 million. As of Nov. 30, the fund's total net assets were $258 million, the firm said.