Benefits October 31, 2003

BancFirst Selects Recordkeeper

October 31, 2003 (PLANSPONSOR.com)-BancFirst Corporation, Oklahoma's largest state-chartered bank, chose The 401(k) Company as recordkeeping and administrative services provider for its retirement plan.
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The BancFirst KSOP retirement plan, a combined 401(k) and Employee Stock Option Plan (ESOP), services about 1,300 participants and contains approximately $55 million in assets.

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With The 401(k) Company, BancFirst will retain most of the existing funds in its investment line up, with some additions from Vanguard, AIM, Federated, Royce and Wilshire. BancFirst will also offer participants asset allocation models.

Investing October 30, 2003

FRC: $20.9 Billion Added to Funds in September

October 30, 2003 (PLANSPONSOR.com) - Stock and bond mutual funds took in $20.9 billion in new assets in September.
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Once again, it was domestic equities that led net inflows among fund types, netting $23.6 billion, while International/Global came in a distant second place after taking in $1.9 billion.  Otherwise, the only other positive inflow was noted in the $796 million inflow recorded among Corporate bonds while the other fund categories – Government and Tax-Free – recorded net outflows for the month of $4.1 billion and $1.4 billion, respectively, according to a Financial Research Corporation (FRC) report.

Per Morningstar fund category, it was moderate allocation that took the top prize, accumulating $3.1 billion in the month.  This was followed by Large-Cap Value, gaining $3.6 billion in terms of net flows.   The rest of the top five was composed of:

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  • Large-Cap Blend – $2.3 billion
  • Small-Cap Growth – $1.6 billion
  • Small-Cap Blend – $1.2 billion.

Fund Families

Vanguard Group and Fidelity Investments held the top fund group spots, with $551 billion and $549 billion, respectively.  Behind the two sizeable fund families in the total asset race were:

  • American Funds – $413 billion
  • Franklin Distributors Inc. – $170 billion
  • Putnam Investments – $139 billion.

Among September’s best sellers was American Funds at the top, netting a $6.6 billion inflow.  This was followed up by Vanguard Group’s $3.2 billion, Fidelity Distributors $2.5 billion, Dodge & Cox $2.5 billion and PIMCO Funds $1.3 billion.

Year-to-date, the top five list showed American Funds on top with $41.7 billion in net flow, followed by:

  • Vanguard – $22.9 billion
  • PIMCO – $16.7 billion
  • Fidelity – $15.9 billion
  • Dodge & Cox – $9.6 billion.

Top Sellers

American Funds dominated the top selling individual funds for the month.  Holding four out of the top five spots in September’s net flows were:

  • American Funds Growth Fund – $1.4 billion
  • American Inc Fund – $970 million.
  • American Funds Cap Inc Bldr – $851 million
  • American Funds Wash Mutl Invs – $774 million

Only Dodge & Cox’s Stock Fund managed to break up the American block party, taking in $1.1 billion and holding down second place on the list.

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