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By Gail MarksJarvis and Tribune Newspapers | February 17, 2010
The 2000s were that type of decade for investors as the stock market showed its fickle ways, brutalizing investors in two bear markets, then turning sweet when a rally seemed hard to believe. Through it all, investors wrestled with choices: fleeing to safety, hunting for a mutual fund they thought they could trust or trying to recover from losses. Now, said Morningstar Inc. director of mutual fund research Russel Kinnel, it's clear there was a lot of churn that didn't take investors far. "People's market timing was very poor," he said.
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BUSINESS
Jay Hancock | November 20, 2011
Bill Miller didn't just make amazing amounts of money for himself, his firm and his clients for a while. He helped fill a hole in Baltimore's financial services industry. In the 1990s, the city was losing banking pillars such as Alex Brown and Maryland National Bank. But Legg Mason was building what would become a trillion-dollar money-management portfolio, thanks partly to Miller's ability to beat the stock market year after year. Thursday's announcement that he'll no longer pilot Legg Mason's flagship mutual fund starting April 30 underscores a plunge in fortunes for the firm and a question mark for Baltimore.
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BUSINESS
By Eileen Ambrose Personal finance | March 28, 2010
W ith more than 900 exchange-traded funds, you can find one that fits every investment sector, strategy or mood you're in. Now get ready for even more variety with actively managed ETFs. This new product combines the tax and cost advantages of a regular ETF with the expertise of a professional money manager that you get with most mutual funds. Baltimore's Legg Mason and T. Rowe Price Associates, along with other fund companies such as Vanguard Group and John Hancock Funds, are seeking approval from the Securities and Exchange Commission to offer actively managed ETFs.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 25, 2011
Joseph N. Geier established his namesake financial services firm in Howard County by cultivating an exclusive client list of professional athletes: Baltimore Orioles legend Cal Ripken Jr. , New York Yankees first baseman Mark Teixeira and Philadelphia Phillies pitcher Brad Lidge. Over the years since it was founded in the 1990s, Geier Financial Group expanded the business by managing the money of other wealthy clients and high-net-worth retirees in Maryland. Now Geier is getting into the competitive mutual fund business, having recently launched a new product intended to appeal not only to the firm's wealthy clients but also to mom-and-pop investors.
BUSINESS
June 12, 1994
Beginning today, the mutual fund table and the money market funds table appearing in Sunday editions of the Business section have been revamped to provide information more meaningful to investors and to improve readability.Information contained in the mutual fund table now includes three measures of total return for each listing -- 1-year, 3-year and 5-year -- so that investors have a clearer picture of the success of each fund over different durations. The fund's ticker symbol, investment objective, relative performance ranking, weekly close and weekly change remain unaltered.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | October 29, 1995
* Robertson Stephens added a redemption fee to certain fund shares in August to discourage short-term trading, but has dropped the fee because of customer complaints.* Because of the recent merger of the Van Kampen Merritt Companies with American Capital and Research, six funds with similar investment strategies will be merged into six other funds. The survivors will be known as VKAC Municipal Income, Limited Maturity Government, Reserve, Insured Tax-Free Income, Utility, and Growth and Income.
BUSINESS
By By Hanah Cho | June 11, 2010
Legg Mason Inc.'s Value Trust fund is synonymous with famed money manager Bill Miller, who has the unmatched record of beating the benchmark Standard & Poor's 500 index for 15 consecutive years. His streak has been compared to the record set by Orioles legend Cal Ripken Jr. So inevitably, the pressure is on for Miller's successor. That falls to Sam Peters, who was named last month as the fund's next manager after Miller retires. It's not clear when that will happen; the timeline for Miller's retirement is unknown.
BUSINESS
By Knight-Ridder News Service | August 23, 1992
More than 3,400 mutual funds are registered with the Securities and Exchange Commission, and that can make selecting one awfully difficult.Shearson Lehman Bros. has a free booklet that might help. It's called "Finding Your Way: A Guide to Mutual Fund Investing." It points out some of the benefits of mutual-fund investing, how to evaluate a mutual fund and how to avoid five common mistakes.To order, call (800) 233-7833, Ext. 3838. If you call, your name may be put on a mailing list to receive unsolicited sales material in addition to the free booklet.
BUSINESS
April 9, 1991
T. Rowe Price Associates Inc., the Baltimore-based mutual funds company, is offering a new mutual fund that combines the potential appreciation of common stocks with the income and stability of bonds over the long term.The fund, called the Balanced Fund, received approval from the Securities and Exchange Commission last week.Common stocks are expected to represent about 60 percent of the fund's assets and fixed income securities, including cash reserves, will make up the rest, according to Price.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | October 5, 2008
Legg Mason's Bill Miller produced the best-known mutual fund streak, beating the Standard & Poor's 500 index for 15 years in a row until his streak ended in 2006. Now Baltimore's other mutual fund streak is at risk, although this isn't necessarily a terrible thing. T. Rowe Price's Capital Appreciation Fund is the only stock mutual fund that didn't lose money for investors during 2001 or 2002, the worst of the last downturn. Through 2007 it produced positive yearly returns for 17 years in a row. But so far this year, the fund is down 14 percent and will need a brilliant turnaround to avoid a loss.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 18, 2011
Marriottsville's Geier Asset Management announced Tuesday the launch of its first mutual fund that focuses on long-term return from income and capital appreciation. The Geier Strategic Total Return Fund, with $27.5 million in assets, will be managed by Thomas M. Geier, vice president and chief operating officer of Geier Asset Management. Geier Asset Management is a division of Geier Financial Group, a financial services firm which handles the personal finances of former Baltimore Oriole Cal Ripken Jr. and other baseball players.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 22, 2010
What a difference three months make. Most Maryland-based mutual funds ended the third quarter in the black after a rotten second quarter. A stock market rally in September helped investors tiptoe back to stocks. U.S. diversified equity funds gained 10.7 percent on average during the July to September period, according to mutual fund tracker Lipper Inc. Bond funds also rose 3.4 percent during the same period. "There was a lessening of concern that the economy was going to go into a double dip [recession]
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 18, 2010
If you don't know how much you are paying for your 401(k), you're in the company of millions. "The average participant has no idea what they are paying," says Rick Meigs, president of 401khelpcenter.com. Even employers, he says, don't quite know. But that's about to change. Last week, the Department of Labor announced new regulations on fee disclosures that will affect about 72 million workers in 401(k)s. The goal is to provide enough information about fees and investments in an easy-to-understand format so workers can make better decisions.
BUSINESS
By Hanah Cho, The Baltimore Sun | August 14, 2010
Ernest "Ernie" C. Kiehne, a Baltimore native who spent more than 40 years with Legg Mason Inc. and once co-managed its flagship Value Trust Fund, died Friday in his sleep, the company said. He was 92. Mr. Kiehne continued to work at Legg at least four days a week, researching companies and studying the stock market. He contributed his insights on the economy and world events at weekly investment strategy meetings at Legg Mason Capital Management and served as a mentor to younger colleagues, according to Legg executives.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 2, 2010
A wide-reaching and drawn-out legal fight over alleged trading violations in the mutual fund industry could soon be over, with federal judges in Baltimore expected to decide this fall whether to approve settlements that could total hundreds of millions of dollars. Numerous class-action lawsuits were filed on behalf of millions of investors across the U.S. as early as 2003, accusing mutual fund companies of breaching securities laws. Investor complaints in separate cases against 17 mutual fund families were transferred in 2004 to U.S. District Court in Baltimore for coordinated proceedings.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 18, 2010
Mutual funds specializing in stocks had a rotten second quarter nationwide. International debt problems, falling U.S. housing starts and disappointing job numbers pushed jittery investors from stocks to bonds, a sharp change from the first quarter. U.S.-managed equity mutual funds fell nearly 11 percent on average during the quarter, according to research firm Lipper Inc. Bond funds rose 1.2 percent — and those in Treasuries, thought to be among the safest investments, did particularly well.
BUSINESS
By Bill Atkinson | August 26, 1996
THE IDEA BEHIND mutual funds was to make investing simple for people who weren't comfortable picking stocks, but still wanted to be in the market. But choosing the right mutual fund has become like trying to pluck a tiny glass bead from a handful of sand.The number of mutual funds has soared to 7,512 -- six times the number 10 years ago, according to Morningstar Inc., the Chicago-based company that tracks the mutual fund industry.There are funds designed to invest in Internet stocks, mining operations and even sporting goods companies.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | June 21, 1996
The median combined salary and bonus of the heads of mutual fund groups jumped to $1.2 million last year, roughly 30 percent above the $926,000 of 1994.In some cases, stock options, restricted stock and other incentives pushed those figures even higher, according to an annual study on fund executives' compensation by Fund Action, an industry newsletter in New York.The study, conducted in conjunction with Buck Consultants, a management consulting firm, analyzed the pay of top fund executives as reported to the Securities and Exchange Commission by 15 publicly traded large and small fund companies.
BUSINESS
By By Hanah Cho | June 11, 2010
Legg Mason Inc.'s Value Trust fund is synonymous with famed money manager Bill Miller, who has the unmatched record of beating the benchmark Standard & Poor's 500 index for 15 consecutive years. His streak has been compared to the record set by Orioles legend Cal Ripken Jr. So inevitably, the pressure is on for Miller's successor. That falls to Sam Peters, who was named last month as the fund's next manager after Miller retires. It's not clear when that will happen; the timeline for Miller's retirement is unknown.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | April 18, 2010
A year and a half after the financial sector meltdown, those stocks are at the top of a rebound. Finance was the best-performing mutual-fund sector in the first three months of the year, boosting funds that specialize in that area. Among them: Rydex-SGI's banking fund and T. Rowe Price's financial services fund, which both ranked in the top five of mutual funds that invest by sector and are managed in Maryland. "The lows were so extreme that there's still a good deal of room to appreciate," said Jeff Arricale, portfolio manager of Price's Financial Services Fund, which had an 11.8 percent return in the first quarter.
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