PowerShares, Deutsche team again

Deutsche Bank AG and Power- Shares Capital Management LLC Friday said that the PowerShares DB US Dollar Bullish Fund and the PowerShares DB US Dollar Bearish Fund will be listed on the American Stock Exchange LLC in New York starting Wednesday. The funds offer investors access to the Deutsche Bank Long US Dollar Index and the Deutsche Bank Short US Dollar Index, respectively.
The indexes, managed by DB Commodity Services LLC in New York, are rules-based indexes comprising long, in the case of the Dollar Bullish Fund, or short, in the case of the Dollar Bearish Fund, USDX futures contracts.
The USDX futures contract is designed to replicate the performance of being long or short the U.S. dollar against the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona and the Swiss franc.
Deutsche Bank is based in Frankfurt, Germany, and PowerShares Capital Management is in Wheaton, Ill.

Fidelity net income fell 11% in 2006
Fidelity Investments, the biggest U.S. mutual fund company, said Friday that net income fell 11% last year — despite higher revenue and managed assets — due to factors including a rising head count, advertising and special charges.
Net income totaled $1.18 billion in 2006, down from $1.33 billion in 2005, according to Boston-based Fidelity’s Shareholder Update 2006.
Assets under management rose to $1.38 trillion, from $1.21 trillion in 2005. Revenue increased to $12.9 billion, from $11.1 billion.
In a letter to shareholders contained in the report, Fidelity chairman and chief executive Edward C. Johnson III said that the results of Fidelity Management and Research Co. funds were “strong in some areas but disappointing in others.”
In aggregate, the funds beat 58% of their peers on an asset-weighted basis last year, compared with 70% in 2005, he said.

iShares jump to NYSE from Amex
Sixteen new iShares exchange traded funds from Barclays Global Investors in San Francisco transferred their primary listing to the New York Stock Exchange from the American Stock Exchange LLC of New York on Friday.
The move gives NYSE Group Inc. further inroads into a segment of the market once dominated by the Amex.
The addition of the iShares brings to 165 the number of ETFs that have their primary listing with the NYSE.
At the end of January, there were 387 ETFs in existence.
“NYSE Group has assumed a leadership position in the growing ETF space, fulfilling a goal we identified as an essential component of our multiasset growth strategy,” Lisa Dallmer, senior vice president of ETFs and indexes at the NYSE, said in a statement.
NYSE Group has listed 30 new ETFs so far this year.
Last month, Barclays chose the NYSE as the primary listing exchange to expand its offering of fixed-income ETFs. That was followed by the new HealthShares group of health-care ETFs from XShares Advisors LLC of New York and the CurrencyShares Japanese Yen Trust, which joins seven existing exchange-listed currency-focused products offered by Rydex Investments of Rockville, Md.

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