At The Bell

Start-up giving away fund

X.com Corp., a Silicon Valley web-based financial services start-up has named former Intuit Inc. chief William Harris, 43, as its chief executive. The appointment coincides with the launch of three mutual funds, including the X.com Premier S&P 500 Fund, which is waiving management and expense fees during its initial year. The no-minimum-investment index fund is managed by Barclays Global Investors.

World stock funds worldbeaters

World stock funds beat all other major sectors for the second week in a row. They posted an average return of 3.85%, beating the other three macro objectives — U.S. diversified, sector and balanced — measured by Lipper Inc. World equity funds are up 38.24% year-to-date, compared to 3.69% for all of 1998. Why? “There was no Russian crisis in 1999, the strength of the yen and the Japan equity markets and the success of small-cap funds worldwide,” says Ed Rosenbaum, director of research.

Fund firm caves on merger

The BlackRock Funds withdrew a proposal to merge six of its limited-term closed-end funds into its perpetual closed-end funds amid a shareholder lawsuit to stop the plan. The publicly held company isn’t out of the woods yet, says plaintiff’s lawyer Kenneth J. Vianale. A federal district court judge will decide Dec. 20 if the suit can go forward. Mr. Vianale argues that shareholders sustained damages because the funds’ discount to the net asset value of their holdings widened while the board of directors mulled the proposal.

Insurer’s IPO approved

Massachusetts regulators approved John Hancock Mutual Life Insurance Co.’s plans to trade publicly. The approval by the Division of Insurance clears the way for Boston-based Hancock, the nation’s 13th-largest insurer, to sell $2 billion worth of stock on Jan.27. The go-ahead came nine days after 93.7% of the insurer’s voting policyholders also approved the conversion.

Pioneer hires exec

Boston mutual fund firm Pioneer Group Inc. named Robert Emmett Mullin Jr. director of consultant relations, a liaison between the fund company and retirement industry consultants. He held a similar post at MetLife Investment Services. Pioneer, which recently reorganized its institutional department, won’t say whom Mr. Mullin replaces.

Y2K fall-out shelter

The Securities Industry Association is setting up a special 911-like emergency service to help with Y2K-related computer disasters. The Washington trade group will have 70 techs on hand in New York in its financial services coordination center from Dec. 30 to Jan. 5. They’ll work in 15- to -20-member shifts 24 hours a day and keep the Securities and Exchange Commission and the White House alerted.

Inflows help Janus investors

Mutual fund company Janus Capital Corp. of Denver has so much money pouring in that yearend distributions will be at phenomenally low levels. Janus Global Technology Fund is reporting a 20 cents a share distribution. “That’s non-existent,” says Christine Benz, an analyst for Morningstar Inc. of Chicago. Some of the older funds are paying more. The Janus Fund is paying out $5.24 and Janus Special Situations $13.31 a share.

Etc.: AIG wins bank OK

Insurer American International Group Inc. has received approval to operate a federal savings bank, based in Wilmington, Del., that will conduct most business via mail and over the telephone…United Asset Management Corp. is replacing Chase Manhattan Corp. with SEI Investments to provide mutual fund accounting and other back-office services for 47 mutual funds run by 24 of its affiliates.