Deals and People October 31, 2000

Fidelity Exec To Head Dreyfus, Buck Units

October 31, 2000 (PLANSPONSOR.com) - Jude Metcalfe has been named President and CEO of Dreyfus Retirement Services, and will also manage Mellon subsidiary Buck Consultant's Administrative Services Group. Metcalfe had been head of retirement plan services at Fidelity.
Reported by

Metcalfe, who will work to further integrate the products/services of Dreyfus and Buck, which was acquired by Mellon in 1998. He will report to Mellon Vice Chairman Peter Rzasnicki.

Prior to Fidelity, Metcalfe was a partner at Fort Lee, NJ-based Kwasha Lipton, where he was charged with fully reorganizing the firm’s total benefits outsourcing business.

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Investing October 30, 2000

Mutual Funds Slip In September

October 30, 2000 (PLANSPONSOR.com) - Mutual fund assets slipped 2.6% to $7.28 trillion in September, according to the Investment Company Institute.
Reported by

Stock mutual funds dropped $182 billion, despite net new cash flow of $17.26 billion during the month. Hybrid fund assets declined $8.28 billion and had a net outflow of $2.12 billion in September. Bond funds slipped $3.91 billion and had a combined net outflow of $3.07 billion.

Stock fund flows were varied:

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  • Aggressive growth funds experienced a $5.91 billion net cash flow, down from $8.41 billion in August
  • Growth funds had cash flow of $9.16 billion in September, compared with $12.24 billion in August. Growth and income funds saw an inflow of $62.6 million last month, versus a $2.84 billion outflow in August
  • International equity funds garnered a net cash flow of $1.52 billion in September, down somewhat from the $3.70 billion in August.

Other Categories

Hybrid funds experienced a net outflow of $2.12 billion, a bit worse than August’s $1.33 billion. Taxable bond funds had an outflow of $1.7 billion in September, compared with a $1.33 billion outflow the month before, while September saw some $1.37 billion flow from municipal bond funds, significantly higher than the outflow of $514.5 million in August.

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