Morningstar Hands Out Fund Manager of the Year Awards

January 2, 2003 (PLANSPONSOR.com) - Investment research firm Morningstar Inc has unveiled its Fund Managers of the Year for 2002 in three categories: domestic stock, international stock and fixed income.

The Morningstar Fund Manager of the Year Award recognizes portfolio managers who demonstrate a skill for investing through a good yearly return, a record of delivering long-term performance and by aligning their interests with that of shareholders, according to the firm.

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Fund Manager of the Year Award winners are chosen based upon Morningstar’s proprietary research and in-depth evaluation by its senior editorial staff.

2002′ Winners are:

Domestic Stock- Joel Tillinghast, Fidelity Low-Priced Stock

The Low-Priced Stock Fund, which now has $15 billion in assets, owns nearly 900 stocks. The fund was down 6% for 2002.

International Stock-Rudolph-Riad Younes and Richard Pell, Julius Baer International Equity

The Julius Baer International Equity fund has led its category in every full calendar year since these managers took control in mid-1995. In 2002, it lost a little more than 6% to place in the top 5% of Morningstar’s foreign-stock fund category. The Fund has posted an annualized return of nearly 10% during the trailing five years, beating all but five of its peers.

Fixed-Income-Management Team, Dodge & Cox Income

The Dodge & Cox Income fund’s rolling 12-month returns outperformed those of its peers in every single period during a 10-year stretch.

As Offshore Funds Grow, More Supervision Is Sought

Jan. 25, 2001 (PLANSPONSOR.com) - Offshore fund activity hit about $1.43 trillion in 2000 and continues to grow as more mutual and hedge funds seek more flexible operating environments, often including beneficial tax treatment, to conduct their business.

Since 1978, the number of offshore funds has steadily increased from  around 641 to  8,691 funds in 2000, according to Micropal.

Based on assets under management, some of the most popular offshore sites worldwide are:

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  • Luxembourg – $747 billion
  • Cayman Islands – $250 billion (and domiciling some 2,500 funds)
  • Dublin – $176 billion
  • British Virgin Islands – $60 billion (domiciling 1,500 mutual funds)
  • Netherlands Antilles – $55 billion
  • Bermuda – $46 billion
  • Jersey Islands – $39 billion
  • Bahamas – $35 billion
  • Guernsey –  $24 billion
  • Isle of Man – $4 billion

Among the largest multi-domiciled offshore funds (as of year-end 1999) are:

  • State Street Bank – $147 billion in assets under administration
  • Chase Manhattan – $140 billion in assets under administration
  • BIL – $102 billion in assets under administration
  • UBS – $101 billion in assets under administration

While offshore activity has continued to grow, organizations such as The Financial Stability Forum, (part of the Bank for International Settlements), published a study last spring calling for  increased supervision of offshore centers since they considered them to  raise “serious concerns on onshore supervisors about the quality of supervision in, and degree of co-operation provided by some of the offshore centers.” 

As a result, the Forum chided the offshore countries to increase their supervision and degree of co-operation with onshore regulators “as quickly as possible.”

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