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Week in Review


Fidelity Axes N.H. Workers

Fidelity Investments has laid off some of its 5,700 employees in Merrimack, N.H., according to an Associated Press report on deadline, confirmed by Fidelity Spokeswoman Anne Crowley, who said the layoffs occurred as a result of restructuring in the customer service department. Other workers, meanwhile, are relocating in Albuquerque, N.M.

Hedge Funds Short Dollar; Mutual Funds Dive In

While data from the Commodity Futures Trading Commission shows that hedge funds' bets against the U.S. greenback have risen by 36% so far this year, mutual funds and other institutional investors are raising their stakes in the dollar.

And while hedge funds are known for being savvier when it comes to risky investment bets, than their mutual fund brethren, when it comes to the dollar, even staid mutual fund portfolio managers typically get it right. In the past 10 years, when mutual funds were net buyers of the U.S. dollar, its value rose.

"The dollar can do quite well in this slow-growth environment," Richard Batty, global investment strategist at Standard Life Investments, told the Deseret Morning News.

The dollar fell to 78.933 in March, a 13-year low. Since then, it has increased 2.5% in value to 80.993, according to data from the Federal Reserve. Since that time, perhaps influenced by the Fed's bailout of Bear Stearns, institutional investors have been long on the dollar.

Morgan Stanley Portfolio Targets Mortgage Securities

Morgan Stanley Investment Management Inc. plans to launch a portfolio that will mainly invest in dollar-denominated investment grade mortgage securities of the U.S. government and private issuers and in mortgage derivatives.

Advisory Portfolio V seeks returns consistent with returns generated by the market for mortgage securities, according to a Securities and Exchange Commission filing.

Submit Entries to MME's 6th Annual Fund Awards

Money Management Executive is now accepting entries to the 6th Annual Fund Operations Awards. This year, there are four categories: Leadership, Efficiencies/Streamlining, Innovations and New Media.

You can find guidelines and entry forms on our website, www.mmexecutive.com. The deadline for entries is Friday, July 18, 2008. An independent panel of leading fund operations consultants will be judging the entries. Winners, 1st 2nd and 3rd place, in all four categories, will be honored in September.

If you have any questions, please feel free to contact Editor Lee Barney at: elizabeth.barney@sourcemedia.com.

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