Weekly Web Flash
January 7, 2002
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:
* AIM Advisors, Inc., the advisor to the AIM Management Group of Houston, waited until New Year's Eve to launch a trio of funds including a fixed-income, value and growth offering. The new funds are: the AIM Large Cap Core Equity Fund, the AIM Mid Cap Basic Value Fund and the AIM Total Return Bond Fund.
* As part of its plans to restructure its business, Deutsche Bank has said that it will cut nearly 2,400 positions worldwide, including 900 U.S. employees. The cuts will be made to the bank's corporate and investment banking and private client and asset management divisions.
* November flows into stock funds increased significantly from the prior month, totaling $14.9 billion while total assets increased 4.7% to $6.9 trillion, according to the Investment Company Institute of Washington, D.C.
* Multiple investors of the Van Wagoner Emerging Growth Fund have retained legal counsel to file a lawsuit against Van Wagoner Capital Management and the fund for allegedly using inflated net asset values for certain securities in the fund. Cauley Geller Bowman & Coates will file the lawsuit on behalf of investors in the Federal District Court of Delaware.
* Brown & Co., an online brokerage owned by J.P. Morgan Chase, plans to buy the brokerage operations of fund family Dreyfus, it has been reported. Dreyfus, a unit of Mellon Financial, will sell the brokerage in an all-cash deal that will involve handing over 75,000 accounts. The terms were not disclosed.