Sales Through Banks By Fidelity Set Record
Fidelity Investments of Boston said 1999 was a record year for net sales of mutual funds through banks and other financial intermediaries.Fidelity Investments Institutional Services Co. had net sales of $18.6 billion in 1999, up 51.22% from 1998 and 279.59% from 1997.
The fund company's assets under management through financial intermediaries totaled $210.6 billion at yearend 1999, up 23.96% from 1998 and 56.7% from 1997.
Fidelity had $955.1 billion under management at Dec. 31.
-- Cheryl Winokur
TD Waterhouse Sued Over On-Line Trades
TD Waterhouse Investor Services Inc. executed an investor's on-line trades despite confirming receipt of cancellation orders for them, a lawsuit alleges.The suit filed Tuesday in U.S. District Court in Manhattan said TD Waterhouse, which is mostly owned by Toronto-Dominion Bank, collected commissions on the canceled trades and liquidated other securities held in the investor's account to cover losses amounting to $13,000.
The suit is seeking class-action status on behalf of on-line investors.
A spokeswoman for TD Waterhouse said the company had no comment.
Amy L. Anderson
Morgan Stanley Online Begins Ad Campaign
Morgan Stanley Dean Witter Online this week unveiled a branding campaign with a series of TV commercials that poke fun at tips investors may get when seeking investment advice.The commercials, which are running during prime time and on weekends, show the sources of advice to be anything but reliable.
The ad campaign, dubbed "Know Your Source," is meant to position the on-line brokerage as a clear-headed provider of investment information, said Glenn Tom, senior vice president for marketing at Morgan Stanley Dean Witter Online in San Francisco. Mr. Tom declined to say how much was being spent on the ads.
- Karen Talley