Reported by Star-Bulletin staff & wire
Monday, February 1, 1999
Starwood manages Kapalua Bay Hotel
Starwood Hotels & Resorts Worldwide today took over the management of the Kapalua Bay Hotel on Maui, adding the 194-room resort property to Starwood's internationally marketed "Luxury Collection."The hotel recently completed a $20 million renovation, Starwood already manages properties in several mainland cities for the hotel's owner, Yarmouth Capital Partners.
Ameron net grows 80% in 4th quarter
More Hawaii construction work, due to government and military spending, helped Pasadena, Calif.-based Ameron International Corp. increase its fourth-quarter profit 80 percent to $11 million, or $2.71 a share, from $6.1 million, or $1.48 a share. The construction products company said cost-cutting also helped the bottom line in Hawaii, where it supplies the building trade with concrete products.
In other news . . .
DULLES, Va. -- America Online Inc. has agreed to acquire MovieFone Inc., a New York-based movie listing and ticketing service, in a stock transaction valued at about $388 million. MovieFone's services cover 17,000 screens in 42 U.S. cities.
OF MUTUAL CONCERN
No. 2 Vanguard topped Fidelity in sales in 1998
BOSTON -- They're the biggest firms in the business, but Fidelity Investments and Vanguard Group have strikingly different approaches to competing in the mutual fund industry. Fidelity, the biggest firm in the business, has tried to beat the market. No. 2 Vanguard has tried to ride the market. Fidelity paid for research, Vanguard boasts the lowest fees in the business.Figures released last week vindicate Vanguard. Net inflows into Vanguard's retail stock and bond funds totaled $48.9 billion in 1998, more than four times' Fidelity's total of $11.3 billion, according to figures released by Financial Research Corp.
Managing nine of the world's 25 top-selling funds helped Vanguard break the all-time record of $43 billion set by Fidelity in 1993.
Analysts say 23-year-old Vanguard is riding the crest of the enormous popularity of funds tied to major market indexes.
Berger hires manager for New Generation
DENVER -- The Berger Funds have appointed Mark Sunderhuse as portfolio manager of the Berger New Generation Fund.For the last year, Sunderhuse, 36, has served as Berger's senior vice president for institutional marketing. Prior to joining Berger in 1998, Sunderhuse served as senior vice president, co-founder and assistant portfolio manager at Norwest/Crestone Capital Management Inc. in Denver.
Sunderhuse takes over management of the $165 million fund today from Amy Selner, who has served as interim manager. Selner manages the Berger Mid Cap Growth Fund and the Berger Small Company Growth Fund.
TCW Group may buy piece of Japan market
LOS ANGELES -- TCW Group Inc., the Los Angeles-based fund management firm, is in talks to buy at least 30 percent of Tokyo-based Yasuda Kasai Global Asset Management Ltd. for an undisclosed amount, Bloomberg News reported, citing sources familiar with the negotiations.TCW, which oversees about $53.5 billion of assets, has been looking since mid-1997 for ways to enter Japan's $3.5 trillion fund-management market, the world's second largest after the United States.
TCW is best known as a manager of stock funds, and aggressively managed fixed-income and emerging markets funds for institutional investors. Yasuda Kasai oversees about $10 billion of assets.
See expanded coverage in today's Honolulu Star-Bulletin.
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