Boston Herald columnist Brett Arends thinks mutual funds based in town are losing their grip. In his column, Arends notes that the local mutual fund industry, featuring the likes of Fidelity Investments, Putnam Investments and State Street, has been bleeding assets and investors are not pumping enough money in to offset the withdrawals.
He notes that entrepreneurial money managers, such as Dodge & Cox in San Francisco, is reaping the rewards of its efforts. “The hometown crowd has been coasting on their reputations for far too long,” Arends writes. He cite as an example American Funds, in which billions of bucks is basking in the success of the Los Angeles-based firm. His fear: “Where the money flows, the jobs will eventually follow.”
