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Personal message:=20 Stilwell Lost $1.7 Billion/Day in Nov. http://dailynews.yahoo.com/h/nm/20001201/bs/fund_stilwell_dc_1.html=20 Stilwell Lost $1.7 Billion/Day in Nov.=20 Yahoo! News=09Home - Yahoo! - My Yahoo! - News Alerts - Help =09 =09=09 Reuters Media =09 =09 =09 =09Home? =09Top?Stories? =09?Business? =09?Tech =09?Politics =09?World =09?Local =09?Entertainment =09?Sports =09?Science =09?Health =09?Full?Coverage =09 =09 =09 =09 =09 Business News - updated 6:45 PM ET Dec 1 =09 =09 =09MyAdd to My Yahoo! =09 =09Reuters ?| ?AP ?| ?Motley?Fool ?| ?TheStreet.com ?| ?Industry?Standard ?= | ? Individual?Investor ?| ?[IMAGE]Videos ? | More ...=20 Related?Quotes=20 SV DJIA IIX?NASDAQ?PSE S=02?500 35 5/16 10373.54 323.07 2645.29 830.31 1315.23 +2 13/16 -40.95 +7.66 +47.36 +18.28 +0.28 delayed 20 mins - disclaimer=20 Friday December 1 4:59 PM ET Stilwell Lost $1.7 Billion/Day in Nov.Stilwell Lost $1.7 Billion/Day in Nov= .=20 By Christopher Noble BOSTON (Reuters) - Janus Capital's parent, Stilwell Financial Inc. (NYSE:SV= -=20 news), saw its assets shrink nearly $2 billion a day in November as the=20 hottest technology fund firm of the 1990s was hit by sharp market declines. Stilwell reported on Friday it had $262 billion under management at the end= =20 of November -- a $38 billion plunge from the $300 billion at the end of=20 October. That works out to a huge $1.73 billion for each trading day, most = of=20 it directly from Janus, which is 82.5 percent owned by Stilwell. Much of the shrinkage is attributable to the dizzying drop of the Nasdaq,= =20 which logged a 23 percent decline in November, its second-worst fall ever.= =20 Only October 1987, the month of the stock market crash when Nasdaq lost 27= =20 percent, was worse. The Dow Jones Industrial average, with much less exposure to technology, fe= ll=20 only 5.1 percent in November. ``The decline in assets under management has infinitely more to do with=20 market depreciation than it does with investor redemptions,'' said Jane=20 Ingalls, spokeswoman for Janus. She declined to give specific figures for monthly net cash flow, but said= =20 November was shaping up much like September and October, when redemptions= =20 from Janus retail funds were offset by inflows through its institutional=20 channels. ``We were very squarely positive in September,'' she said. ''In October, we= =20 had modest outflows on the retail side, but they were offset almost entirel= y=20 by institutional flows.'' Janus had retail outflows of $772 million in October after September net=20 redemptions of $46 million. September was the first time since December 199= 7=20 that Janus had net outflows. ``For November, it is still a little early to tell,'' she said. ``But again= ,=20 it's looking like modest outflows on the retail side and either flat or=20 slightly negative on the institutional side.'' A shrinking asset base is just the latest bump in the road the once sleepy= =20 fund firm traveled in the 1990s. It has endured an acrimonious dispute with= =20 its former parent, Kansas City Southern Industries, over a spinoff plan and= =20 its funds have been punished as investors soured on the tech and growth=20 sectors that are heavily favored by Janus portfolio managers. Of Janus's 16 retail equity funds, 14 are in negative territory year-to-dat= e=20 and all of them lost ground in November, according to data from fund tracke= r=20 Morningstar. But recent filings with the Securities and Exchange Commission (news - web= =20 sites) show Janus has stuck with its investments and has not changed its=20 investment style. Stilwell also includes the Berger fund family, Nelson Money Managers Plc an= d=20 a stake in DST Systems Inc. Stilwell is not alone to suffer from investor hesitancy in recent months. Preliminary estimates from TrimTabs, a firm that tracks money flowing in an= d=20 out of the stock market, show $4.5 billion of new money flowed into mutual= =20 funds in November, the lowest figure for the year and the smallest since=20 February 1999, when inflows were $758 million. The estimate excludes activity on Nov. 30 and is based on actual data from = 20=20 percent of the industry. TrimTabs extrapolates overall flows from its sampl= e. The money still went heavily to technology and small capitalization funds,= =20 indicating a surprisingly resilient enthusiasm for the sectors, Wittnebert= =20 said. ``The thing the public is really afraid of is missing a resumption of the= =20 rally of the Nasdaq and another indication of that is the continuing outflo= w=20 from bond funds,'' he said.=20 Email this story?-?View most popular??|??Printer-friendly format Archived Stories by Date: Nov 30Nov 29Nov 28Nov 27Nov 26Nov 25Nov 24Nov 23Nov 22Nov 21Nov 20Nov 19Nov= =20 18Nov 17Nov 16Nov 15 News Resources [IMAGE] Message Boards: Post and read messages about this story Requires a Yahoo! ID to post messages. [IMAGE] Conversations: View | Start a live discussion=20 Requires Yahoo! Messenger Search News Advanced Search:??Stories???Photos???Full Coverage Home? Top?Stories? ?Business? ?Tech ?Politics ?World ?Local ?Entertainment ?Sports ?Science ?Health ?Full?Coverage Copyright , 2000 Yahoo! Inc., and Reuters Limited. 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