Weekly Web Flash
January 14, 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:
* Foliofn has forged a distribution agreement with FleetBoston Financial brokerage firm Quick & Reilly. The brokerage now offers Q Folio Investing, a Foliofn basket investment platform. The relationship with Quick & Reilly represents the first major third-party distribution deal for the basket trader.
* Assets from money market mutual funds decreased $40.84 billion -- the largest weekly dip ever -- for the week of January 2, the Investment Company Institute said. Money market fund assets finished the week worth $2.31 trillion. Assets have declined three consecutive weeks from an all-time high of $2.38 trillion on Dec. 12. Since Jan. 1999, an extra $1 trillion had been parked in the funds.
* John Hancock Financial Services, Inc., slashed 160 jobs at its corporate headquarters in Boston, amounting to approximately 2% of its workforce, the company said. Most of the positions affected were in the technology and retail product areas of the firm.