Pilgrim faces 2d sale in 3 years
Article Abstract:
Pilgrim-Baxter and Associates Ltd., a mutual fund company in Chester County, PA, is being geared for a possible sale by its parent United Asset Management of Boston, MA, to Nationwide Financial Services of Columbus, OH, an insurance company. Officials of Nationwide and United Asset have refused to confirm whether the sale will cover a recently launched customer service center in the Chesterbrook section of Tredyffrin Township. Pilgrim-Baxter's funds have been tail-enders in the market. Its managed assets dropped from over $20 billion in early 1997 to $12.5 billion as of the previous week, according to United Asset officials.
Comment:
May potentially acquire Pilgrim-Baxter and Associates Ltd from its parent United Asset Management Corp
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Battered old stalwart will stay the course
Article Abstract:
Vanguard Group's Windsor Fund, a staple of 401 (k) and other retirement plans at over 2,000 institutions, has dropped by $7 billion since April 1998. The drop is the effect of the declining stock market in Summer 1998. Some of the fund's well-known investments, counting its largest holding, Citicorp, have partly contributed to the decline of the stock market. However, a manager at the fund is not giving up on such stocks as those of AT and T, Caterpillar and Rhone-Poulenc, and even Citicorp. The manager says these companies can be profitable because of the expected international economic recovery in the future.
Comment:
Co's Windsor Fund, staple of 401 (k) & other retirement plans at over 2,000 institutions, drops by $7 billion since April 1998
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Teachers' fund in Vanguard turf
Article Abstract:
The Teachers Insurance Annuity Association - College Retirement Equities Fund, a large college pension fund in the US based in New York, has developed six no-load mutual funds to public investors at low rates after concentrating previously on college academic investors. The profit-oriented pension fund manager is known for handling $235 billion for US college professors. Its biggest competitor in the mutual fund market is the second-biggest mutual fund manager Vanguard Group. Vanguard Group is also the quickest-growing mutual fund manager to date.
Comment:
Has developed six no-load mutual funds at low rates after concentrating previously on college academic investors
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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