AT THE BELL

Among Intel losers: 1,400 funds

When Intel Corp.’s share price plummeted nearly 13% last week following an alert to sagging profits, it hit more than 1,400 mutual funds. Indeed, some 1,100 funds had Intel as a Top 10 stock holding, according to the latest data from Lipper Analytical Services in New York. Fidelity Investments’ $63.96-billion Magellan fund — which held 11.5 million Intel shares through last September, according to Vickers Stock Research Corp. of Huntington, N.Y. — suffered a $133 million paper loss from the rout. But Magellan shareholders didn’t feel near the pinch experienced by investors in Van Kampen American Capital’s $70-million American Capital Exchange Fund, which holds 24.8% of its net assets in Intel, according to researcher Morningstar Inc. in Chicago.

Other mutual funds with large Intel holdings include Rydex OTC (14.5%), Franklin Dynatech I (10.5% as of Dec. 31), Kenilworth (10% as of Dec. 31) and Smith Barney Aggressive Growth (9.8%). Intel’s biggest paper losers were Barclay’s Bank PLC (about $490 million on 42.7 million shares as of Sept. 30) and Bankers Trust New York Corp. and Equitable Cos. (about $285 million each on nearly 25 million shares through Dec. 31 and Sept. 30, respectively), according to Vickers. Despite fears that Intel’s troubles would damage other stocks, the Dow Jones Industrial Average closed the week at 8569.39, up 23.67 points, after gaining 125.06 points Friday.

SEC has Web break for advisers

New Securities and Exchange Commission guidelines on Web sites to be released this week will make financial advisers breathe a little easier. An adviser will not be considered liable for practicing without a license if an investor outside the area for which the adviser is licensed picks up information from its Web site, says Barry Barbash, director of the SEC’s Division of Investment Management. Speaking at J.P. Morgan & Co.’s wealth management symposium for financial planners in New York on Friday, Mr. Barbash noted that the Web site must not be targ
eting the geographic area where the unaffiliated investor resides, but added: “The question is whether foreign regulators will take the same view.” British law, for instance, is more restrictive, he said.

BancAmerica firing away

BancAmerica Robertson Stephens is firing 20 money managers and traders in its Seattle office and splitting the $5 billion in assets managed there between operations in Chicago and San Francisco. About 80 account managers in Seattle will remain on the job, a spokeswoman says. Robert Pyles, the Seattle operation’s chief, will stay on until May 1 to help in the transition, a spokeswoman says. G. Randy Hecht, chief of the firm’s investment operations, said in an internal memo that the Seattle office’s investment style largely duplicated that of the one in Chicago. Among other things, the Chicago office, led by James D. Miller, manages the Pacific Horizon Blue Chip Fund, a large-cap growth offering with a five-star rating from Morningstar Inc. The bank bought San Francisco-based investment bank and money manager Robertson Stephens & Co. LP last year.

Merrill veteran leaving post

After more than 30 years with Merrill Lynch & Co., Larry J. Biederman will leave his post as Southern California district director. He is relocating permanently to Florida, and will work as a consultant to help develop training programs for Merrill’s financial consultants — Merrill’s term for its reps — according to a company memorandum. Mr. Biederman held the California post for five years. He will be succeeded by Michael J. Vorst, mountain district director since 1992. Taking Mr. Vorst’s place is Guy W. Williams, resident vice president at the San Diego office.

Putnam aim: Quicker answers

Putnam Investments plans to upgrade its Web site for financial advisers. The Boston-based mutual fund company is currently testing a feature that allows advisers and Putnam’s customer service representatives to exchange client documents, such as transaction statements, over the Internet. It also enables them
to work in sync by automatically putting up on the reps’ computer screen the exact document which is on the advisers’ screen. The upgrade, which isn’t expected to be fully rolled out for a year, is intended to reduce the amount of time it takes advisers to get answers to questions about their clients’ accounts. Currently, about 7,000 of the more than 100,000 advisers registered to sell Putnam’s products access their clients’ accounts via the Internet.

Etc.: Scudder ups sector bet

Boston-based Scudder Kemper Investments is stepping up its efforts to sell sector funds. The $200 billion-asset firm, which launched its first industry-specific fund in November, recently added two more funds. Both the Scudder Health Care Fund and the Scudder Technology Fund are no-load offerings requiring a minimum investment of $2,500. Scudder’s first sector fund, the Scudder Financial Services Fund, now has about $27 million in assets. . . . SunAmerica Inc. has hired Donna D. Calder, previously general partner at now-defunct Manhattan Capital Partners, a New York-based hedge fund, to head its small-cap investment group. Ms. Calder has also managed money for OppenheimerFunds Inc. and the former E.F. Hutton & Co, both based in New York.