Weekly Web Roundup
February 25, 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:
* The Vanguard Group has expanded its annuity offerings to include a new product designed for tax-sensitive investors who want to supplement their portfolios with a low-risk vehicle. The Single 5 fixed annuity will offer a guaranteed rate of return of 5% for five years, the company said. The tax-deferred product will be underwritten by Jefferson Pilot LifeAmerica Insurance Co. and will require a minimum investment of $10,000.
* State Street Corp. laid off 52 employees in its human resources department this week, according to a spokeswoman for the firm. The cuts represent roughly 15% of the firm's HR staff and were mostly in State Street's Boston office. The cuts follow a reorganization of the firm's human resources group. They come four months after Louis de Ocejo took over as head of global human resources. Ocejo replaced Sue Comeau, who retired in October.
* Boston-based Loomis Sayles & Co. said that it will shut down its Global Technology Fund. As of Feb. 14, the company stopped selling shares in the product and a spokesman said the fund is expected to cease operations at the end of April.