MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, September 9, 2002 Fund Closings Hit Record Levels News of the consolidation in the fund industry is getting around, even to fund shareholders. Nearly a thousand equity funds have disappeared since the peak of the Nasdaq in March of 2000, reports USA Today. More than half of the disappeared (566 stock funds) were merged into other funds; many of those were failed technology and growth funds or were made redundant after a merger or sale of fund sponsors. Another 414 stock funds were liquidated, according to data collected from Morningstar. When counted by share classes rather than funds the total climbs to 1,741 that have merged or liquidated. That means that more funds have disappeared during the current bear market than in the entire period since 1990, according to Morningstar (that figure is 1,672). The good news coming from the numbers is that the long-awaited industry shakeout is well underway. Printed from: MFWire.com/story.asp?s=3443 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |