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Jan 28, 2010

Alternative assets jump at largest U.S. endowments

NEW YORK, Jan 28 (Reuters) – U.S. college and university
endowment funds with at least $1 billion had 61 percent of
their assets in alternative investments like hedge funds last
year, the most ever.

The allocation to alternatives, which jumped from 52
percent in 2008, grew even as the category posted an 18 percent
loss for the year, according to a survey conducted by the
National Association of College and University Business
Officers and the Commonfund Institute, which provides research
and training to endowments.

Jan 20, 2010

New Fidelity fund chief stands by star system

BOSTON, Jan 20 (Reuters) – Fidelity’s new asset-management
chief styles himself a team player in a star system.

“I’ve been the encouraging soul on the side,” said Jacques
Perold on Wednesday, explaining his position with managers in
one of his first interviews since being named in December to
run the company’s more than $1 trillion asset-management
business.

Jan 20, 2010

Fidelity’s outgoing Lawson oversaw major shakeup

BOSTON, January 20 (Reuters) – Rodger Lawson, the outgoing
president of Fidelity Investments, did not last long in his
second stint at the mutual fund giant.

Lawson, 63, was hand-picked by Fidelity chairman Edward C.
“Ned” Johnson III as his right-hand man, and took up the reins
in August, 2007. But less than two-and-one-half years on the
job, and with Johnson about to turn 80 years old in June,
Lawson announced on Wednesday he was stepping down.
[ID:nN20177972]

Jan 8, 2010

TCW sues former star manager Gundlach

BOSTON, Jan 7 (Reuters) – Trust Company of the West sued
its former chief investment officer, Jeffrey Gundlach, accusing
him of stealing confidential data, lying to potential clients
and keeping drugs and pornographic materials in his office.

TCW, the U.S. asset management unit of French bank Societe
Generale <SOGN.PA>, said in its lawsuit filed on Thursday that
the award-winning bond fund manager had misappropriated trade
secrets, interfered with the firm’s contractual relationships
with clients and committed civil conspiracy among other
charges.

Jan 7, 2010

Best books for investors to read in 2010

The credit crisis and resulting cascade of market crashes around the world have now produced a torrent of new books seeking to explain what went wrong. But how to sort the wheat from the chaff? I did an informal survey of some savvy and well read professional investors and academics to come up with a few recommendations. I asked for books read last year though not necessarily published last year.

Yale professor and economist Robert Shiller, who was among the most vocal sages predicting the real estate bust, said of all the books he read last year, only a few were sufficiently serious. “Too many of the books about the crisis are fluffy,” he says. One he appreciated was This Time is Different, a history of 800 years of financial schemes-gone-wrong written by University of Maryland economics professor Carmen Reinhart and Harvard professor Kenneth Rogoff.

Jan 7, 2010

Business Books: Investment advice for 2010

BOSTON, Jan 7 (Reuters) – The credit crisis is just over a
year old and already there are dozens of books on the market to
explain its causes or cure its ills.

Most are not worth the time it takes to read them,
according to a handful of money managers and market strategists
who agreed to take part in an informal survey. The books either
contain too few insights, they go over old ground, or they just
get it wrong.

Dec 23, 2009

Fund manager Shaughnessy ignores her index

BOSTON (Reuters) – Maura Shaughnessy, manager of the MFS Utilities fund, has bicycled across New Zealand and Italy and in the Grand Canyon, not to mention completing an annual 192-mile charity ride in Massachusetts 16 times.

She’s just as relentless in her investing. The $2.7 billion MFS fund, which she has led since it opened in 1992, is the top performer in its category over the past year, three years and five years, according to Lipper data.

Dec 23, 2009

Utility rally reduces sector’s appeal

BOSTON (Reuters) – The once-lagging utility sector has been on a tear over the past month — which has top-performing utility fund manager Maura Shaughnessy of MFS Investment Management holding steady on some stocks she had been snapping up earlier this year.

The recent hot streak for the sector, which has outperformed the eight other major market segments, has greatly reduced buying opportunities, Shaughnessy said in a recent interview at her Boston office.

Dec 23, 2009

MFS’s Shaughnessy ignores her index

BOSTON, Dec 23 (Reuters) – Maura Shaughnessy, manager of
the MFS Utilities fund, has bicycled across New Zealand and
Italy and in the Grand Canyon, not to mention completing an
annual 192-mile charity ride in Massachusetts 16 times.

She’s just as relentless in her investing. The $2.7 billion
MFS fund, which she has led since it opened in 1992, is the top
performer in its category over the past year, three years and
five years, according to Lipper data.

Dec 11, 2009

Short-debt funds alternative to money market

NEW YORK (Reuters) – Investors who have parked cash in money-market accounts have been paying for their search for safety with pitiful returns.

But mom and pop can do better without taking much additional risk, several fund managers said at the Reuters Investment Outlook Summit this week, highlighting the value of certain debt funds.

    • About Aaron

      "Boston-based reporter covering investment management and investing. Previously worked at Businessweek in Boston and at The Industry Standard and Reuters in Washington, D.C."
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