Investment News articles from June 2005

Investment News archives from June 2005

At the Bell; MassMutual fires CEO.(Late News)
June 6, 2005... MassMutual Financial Group fired its top executive, Robert O'Connell, last Thursday and named executive vice president and chief investment officer Stuart Reese as chief executive and president. The company said it had given Mr. O'Connell...

L.A. adviser gets 'desperate'.(Short Interests)
June 6, 2005... Byline: Brooke Southall SAN FRANCISCO - It isn't how many clients you win, it is how desperate you are to lure them in. One Los Angeles-based adviser is making financial planning more dramatic by using the ABC television drama...

TV show preaches ethics.(Short Interests)
June 6, 2005... Byline: David Hoffman NEW YORK - Socially conscious fund investors have taken to the airwaves. "Ethical Marketplace,'' a half-hour weekly television show, made its debut on a handful of public television stations in March. The...

Public awareness of life insurance needs fuels optimism; But many prospects may not be able to spare the cash.(News)
June 6, 2005... Byline: Gary S. Mogel NEW YORK - The vast majority of life insurance producers in the United States think that they will increase sales in 2005, according to a recent report by LIMRA International Inc. Fueling producers' optimism is...

Consultants seek 401(k) fee equality; Guidance from the DOL is needed, some say.(News)
June 6, 2005... Byline: Rick Miller CHICAGO - The practice of allowing some 401(k) plan participants to bear a greater burden of the record-keeping and trustee costs than others is a potential fiduciary violation that could lead to lawsuits, plan...

Flat-fee variable annuity makes its debut; Jefferson National's offering costs just $20 a month.(News)
June 6, 2005... Byline: Gary S. Mogel NEW YORK - Jefferson National Life Insurance Co. has introduced a modestly priced, flat-fee variable annuity targeting financial advisers, and some have expressed interest. The Dallas-based company charges a flat fee...

Inflation fears fuel TIPS' growth; But some advisers say the securities may be overrated.(News)
June 6, 2005... Byline: David Hoffman NEW YORK - Treasury inflation protected securities are growing as an asset class, but financial advisers are divided about their benefits. TIPS, which came on the scene in 1997 to little fanfare, have become a hot...

IRS, Treasury revise standards for tax professionals.(Tax Watch)
June 6, 2005... Byline: Mark Battersby The Internal Revenue Service and the Department of the Treasury have issued revisions to the department's Circular 230 standards for written tax advice that were announced late last year. The final rules, which...

NYLIM goal: MainStay with intermediaries; Upgrades sales staff and adds products.(News)
June 6, 2005... Byline: David Hoffman NEW YORK - New York Life Investment Management LLC in Parsippany, N.J., is on a mission to drum up interest from financial intermediaries in its $17 billion MainStay Funds group by adding people and coming out with...

Separates manager digs deeper into mutual funds.(Street Wise)
June 6, 2005... Byline: Jeff Benjamin After 30 years of separate-account management, Patrick Becker has found the perfect opportunity to try his hand at mutual fund management. "There's been a lot of controversy among some of the fund companies out...

Closing Quote.(Quotes)
June 6, 2005... "We get in their face.'' Eric Hutchinson, chief executive of Hutchinson/Ifrah Financial Services Inc., on how he deals with clients to make them think twice about buying real estate in overheated markets. Page 1

'Liberty' funds aiming to tap into patriotic fervor; They try to counter `activists,' but some call them gimmicky.(News)
June 6, 2005... Byline: Aaron Siegel NEW YORK - First came liberty cabbage, then freedom fries, followed by freedom toast. Now there are liberty funds. Two funds - the Free Enterprise Action Fund, based in Columbus, Ohio, and the Patriot Fund,...

White papers eye distribution, e-business trends; Research by kasina looks at `hybrid wholesaling,' web segmentation.(News)
June 6, 2005... Byline: Charles Paikert NEW YORK - A series of white papers to be released this summer and fall by kasina LLC will focus on distribution trends and e-business. "They're core areas of our business, and it's where we're seeing changes in...

Some AGs join chorus against activism; Agree with industry that `aggressive' peers need to be reined in.(News)
June 6, 2005... Byline: Sara Hansard WASHINGTON - Business and financial services interests are opening a new front in their battle against activist state attorneys general, and some attorneys general are siding with them. The Financial Services...

Ailing Arthur Andersen gets good news.(Reverse Spin)
June 6, 2005... Byline: Frederick P. Gabriel Jr. Tens of thousands of accountants are off the hook - for now. Saying the jury had received improper instructions, the Supreme Court on Tuesday overturned Chicago-based accounting firm Arthur Andersen...

Beware the housing bubble, advisers say; Warn clients to use caution when considering a buy.(News)
June 6, 2005... Byline: Brooke Southall SAN FRANCISCO - Many financial advisers across the United States are reaching the same conclusion about the surging housing market as the Federal Reserve Board chairman and other industry experts. People should...

New benchmark shows retirement readiness.(Short Interests)
June 6, 2005... Byline: Rick Miller CHICAGO - The Newton, Mass.-based Center for Retirement Research at Boston College said Wednesday that it would develop a new national benchmark for retirement preparedness with a $580,000 grant it received from...

Boomers, advisers unprepared for retirement tidal wave.(Other Views)
June 6, 2005... Byline: Mark Elzweig and Nancy Miller The tidal wave known as the baby boomer generation is surging toward retirement, which is no surprise. And yet the implications of this phenomenon - 75 million aging boomers leaving the full-time work...

Nominee to head SEC would face challenges; California Republican has pro-business record.(News)
June 6, 2005... Byline: Sara Hansard WASHINGTON - Rep. Christopher Cox, who has earned high ratings from business groups, will face the challenge of continuing to strengthen public trust in the marketplace if he is confirmed as chairman of the Securities...

Glory days over, Janus mending; Troubled firm unlikely to regain stature soon.(News)
June 6, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Janus Capital Group Inc. may soon get back into the game. With its strong relative performance, and large-cap-growth companies poised to make a comeback, Denver-based Janus quite likely will...

SEI breaking ground with high-end franchises for wealth management; Business model will tap holistic life planning.(News)
June 6, 2005... Byline: Charles Paikert NEW YORK - Move over McDonald's. SEI Investments Co. is getting into the franchise business. In a step that appears to be unprecedented for the high-end wealth management market, the Oaks, Pa., financial...

Hedge fund industry has compliance questions; Lawyer's seminar addresses regulatory requirements.(News)
June 6, 2005... Byline: Brooke Southall SAN FRANCISCO - About 40 people from the hedge fund industry came to hear Timothy Parker, a San Francisco-based securities lawyer with Kirkpatrick & Lockhart Nicholson Graham LLP of Pittsburgh, speak last Thursday...

Van Kampen delivers a blow to reps; Drops sales load on funds in 403(b)s.(News)
June 6, 2005... Byline: Bruce Kelly NEW YORK - In a surprise move, Van Kampen Investments Inc. recently told broker-dealers that it is eliminating the sales load that registered representatives collect when selling mutual funds in retirement accounts...

SEC needs to practice what it preaches.(Monday Morning)
June 6, 2005... Byline: Jim Pavia The Securities and Exchange Commission needs to get its own house in order. Ironically, the nation's securities watchdog can be placed on the long list of institutions that have some problems with their internal...

Garner touts reverse loans.(Short Interests)
June 6, 2005... Byline: Jeff Benjamin DETROIT - Veteran actor James Garner is offering his seal of approval to the largest provider of reverse mortgages to older Americans. Financial Freedom Senior Funding Corp., a wholly owned subsidiary of IndyMac...

Affluent are optimistic about the economy.(Short Interests)
June 6, 2005... Byline: Charles Paikert NEW YORK - Affluent Americans remain optimistic about the economy and the financial markets, according to two new surveys. Despite a lackluster stock market, nearly 40% of affluent households plan to make net...

American College professorship honors top insurance agent.(Short Interests)
June 6, 2005... Byline: Gary S. Mogel NEW YORK - Penn Mutual Life Insurance Co. said last month that it has raised $500,000 to support the Charles E. Drimal Estate Planning Professorship at The American College. Named after one of the Horsham,...

People.
June 6, 2005... Nuveen Investments in Chicago has hired Andrew Stenwall, 39, as managing director and chief investment officer for taxable fixed income. He previously headed fixed-income and cash management teams at Charlotte, N.C.-based Banc of America...

Calendar.(Calendar/Datebook)
June 6, 2005... JUNE 7 - Corporate Valuation Methodologies: How Much Is a Company Worth? New York Society of Security Analysts. American Management Association Executive Conference Center, New York. (212)541-4530 or nyssa.org. 7 - Spring Workshop...

Despite cost, AMT should be repealed.(Editorial)
June 6, 2005... Wonder of wonders: Four senators are making an attempt to repeal the alternative minimum tax. Sens. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee, Max Baucus, D-Mont., Jon Kyl, R- Ariz., and Ron Wyden, D-Ore.,...

One on One With Eve Guernsey of JPMorgan Asset Management.(One on One)
June 6, 2005... Byline: Rick Miller Eve Guernsey's goal is to see JPMorgan Asset Management rank in the top five mutual fund groups - as measured by long-term assets - within five years. With some $62.5 billion in about 90 long-term funds as of April...

New emphasis on how to deal with older clients; Demographics spark interest in designations.(News)
June 13, 2005... Byline: Charles Paikert NEW YORK - Financial planning's newest growth area is training planners to relate to older clients. As the population continues to age rapidly and live longer, planners and advisers are finding a steadily...

Phoenix seeks to skirt arbitration provisions; Former WS Griffith reps claim that insurer is trying to drain their resources.(News)
June 13, 2005... Byline: Gary S. Mogel NEW YORK - The Phoenix Cos. Inc. is seeking a declaratory judgment stating that it did nothing unlawful when it sold its broker-dealer subsidiary, WS Griffith Securities Inc., to Linsco/Private Ledger Corp. in May...

Morgan Stanley just can't catch a break.(Reverse Spin)
June 13, 2005... Byline: Frederick P. Gabriel Jr. In this case, the O in "IPO'' stands for "ouch!'' On Thursday, NASD said Morgan Stanley & Co. Inc. in New York agreed to pay $2.7 million to settle allegations that it violated securities law by...

Online giving on the upswing.(Short Interests)
June 13, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Apparently, charity begins at the home page, according to The Chronicle of Philanthropy's sixth annual survey of online fund raising. Online donations to some of the nation's biggest charities...

'Investor-owned' insurance flap; State commissioners appear poised to curb policies, which a few states endorse.(News)
June 13, 2005... Byline: Sara Hansard WASHINGTON - State insurance commissioners, turning against controversial "investor-owned'' life insurance policies, are gearing up to try to curb the practice. "What commissioners are concerned about is the...

Insurance regulators, legislators go head to head; The issue: Whether Sarbanes-Oxley applies to non-public insurers.(News)
June 13, 2005... Byline: Sara Hansard WASHINGTON - State insurance regulators and legislators will square off next month over whether privately held insurers should have to meet the financial control and accounting requirements of the controversial and...

Transition fallout: Up to 40% of assets; Fidelity sees need to plan for leakage; its findings disputed.(News)
June 13, 2005... Byline: Brooke Southall SAN FRANCISCO - Almost 40% of wealthy client assets defect from an advisory firm during or after a sale or merger, according to a new survey commissioned by Fidelity Investments. The results of the survey of 617...

Registration on back burner for Canadian regulators; Goes unmentioned in two studies of investment issues.(News)
June 13, 2005... Byline: David Clarke OTTAWA - As U.S. hedge funds prepare for Securities and Exchange Commission registration, their counterparts north of the border also face increased scrutiny. But at least the latter don't have to worry about...

Move over, boomers.(Short Interests)
June 13, 2005... Byline: Charles Paikert NEW YORK - Baby boomers might have the numbers, but it turns out Generation X likes to spend more, according to a survey sponsored by the American Express Platinum Card. Wealthy members of Generation X, defined...

Self-directed 403(b)s pushed by Farmers.(Short Interests)
June 13, 2005... Byline: Rick Miller CHICAGO - Looking to become a one-stop shop for professionals with 403(b) plans, the broker-dealer arm of the Farmers Insurance Group of Cos. in Los Angeles is drawing attention to tax rules that allow the employees to...

Small firms fire slingshots at bond Goliaths; Say their size enables them to be more nimble.(News)
June 13, 2005... Byline: Vince Calio NEW YORK - The hegemony among active domestic core fixed-income managers is under attack. The "big three'' - Pacific Investment Management Co. of Newport Beach, Calif., BlackRock Inc. of New York and Western Asset...

Exchange would offer twist on futures; TradeSports branches out beyond betting.(News)
June 13, 2005... Byline: Barry B. Burr CHICAGO - It is anyone's bet whether President Bush will see the enactment of personal accounts for Social Security or who will succeed Alan Greenspan as Federal Reserve Board chairman. And anyone can wager on the...

Advisor Software upgrades client acquisition tool.(Product Watch)
June 13, 2005... Advisor Software Inc. in Lafayette, Calif., has upgraded its Client Acquisition Solution with a version that it says further extends the application's strengths in product coverage, investment analytics and flexibility. The software...

Equity-indexed annuities poised for growth; Higher inflation sparks their popularity.(News)
June 13, 2005... Byline: Gary S. Mogel NEW YORK - Annuity payments that rise based on stock market performance are expected to become more popular, especially among retirees and those nearing retirement, as inflation makes a comeback, industry observers...

NASD eyeing brokers' short-term bonus deals; VA commission specials are part of sweep.(News)
June 13, 2005... Byline: Bruce Kelly NEW YORK - NASD once again is looking under the hood of the brokerage business, this time scrutinizing the common industry practice of variable annuity companies' offering extra commissions to firms and reps for selling...

Closing Quote.(Quotes)
June 13, 2005... "The fact that NAPFA allowed it 10 years ago doesn't mean we should allow it now. The path to righteousness always narrows.'' Bert Whitehead, president of Cambridge Connection Inc. in Franklin, Mich., on asset-based pricing by financial...

Fidelity reduces bond fund expenses; But other companies are unlikely to follow suit.(News)
June 13, 2005... Byline: David Hoffman NEW YORK - To some investors, Fidelity Investments' recent lowering of expenses on 12 taxable-investment-grade-bond funds may not seem like that big a deal. After all, dropping expenses to 0.45%, from a range of...

People.
June 13, 2005... The Securities Industry Association in New York and Washington has appointed Roger M. Hollingsworth, 34, as vice president and director, federal government affairs. He will be working with the SIA's government affairs team and will focus on...

Hedge funds reach milestone, hit mainstream; But industry suffers from bad press, convertible-arbitrage-fund problems.(Alternative Investments)
June 13, 2005... Byline: Jeff Benjamin DETROIT - One might think that surpassing the $1 trillion mark would give the hedge fund industry reason to celebrate, but it isn't exactly hitting all the high notes these days. Performance, while relatively...

SEC chief must protect investor interests.(Editorial)
June 13, 2005... Whoever replaces William H. Donaldson as chairman of the Securities and Exchange Commission should go directly to its website and get a clear understanding of the job's responsibilities. As stated on the site: "The primary mission of the...

Retirement woes continue.(Short Interests)
June 13, 2005... Byline: Rick Miller CHICAGO - The typical working American household is on track to replace an estimated 59% of projected pre-retirement income once it reaches retirement, indicates an analytical index unveiled last week by Fidelity...

Fidelity Investments broadens services under Ibbotson deal; Agreement to provide more investment advice for plan sponsors.(News)
June 13, 2005... Byline: Rick Miller CHICAGO - Fidelity Investments is broadening its advice services for qualified plan participants under a deal announced last month with Ibbotson Associates Inc. Under the agreement, Fidelity of Boston will be able...

One on One With Arthur Grant of Cadaret Grant & Co. Inc.(One on One)
June 13, 2005... Byline: Bruce Kelly Arthur Grant has a reputation for speaking his mind. As president and chief executive of Cadaret Grant & Co Inc. of Syracuse, N.Y., and as a member of the NASD and Securities Industry Association committees for...

Students need personal-finance education.(Monday Morning)
June 13, 2005... Byline: Mike Clowes About 3 million new high school graduates will be set loose upon the nation by the end of June, and the odds are high that a significant number of them know just enough about economics and personal finance to get into...

Medallion flags down another opportunity.(Street Wise)
June 13, 2005... Byline: Jeff Benjamin Medallion Financial Corp. (TAXI) is about to turn another corner on the road to its market share grab in the niche lending business. The New York-based firm, which focuses primarily on providing loans to finance...

Calendar.(Calendar/Datebook)
June 13, 2005... JUNE 14 - Career Chat: Mastering the Magic of Rapport, New York Society of Security Analysts. The Practising Law Institute, New York. (212)541-4530. 14 - The Internet as the Ultimate Securities Analyst's Tool, New York Society of...

In name of efficiency, IRS to close help centers.(Tax Watch)
June 13, 2005... Byline: Mark Battersby The Internal Revenue Service has announced plans to close a number of its taxpayer assistance centers as part of its efforts to be more efficient, modernize operations and reduce costs. The move might also be...

S&P's style index plan draws mixed reviews; Some question whether they will offer `true value'.(News)
June 13, 2005... Byline: David Hoffman NEW YORK - Reaction to Standard & Poor's plan to launch style indexes in September has been mixed, with some industry experts and financial advisers not sold on the idea. Skeptics say that there is a rush to...

Fee purity issue splinters NAPFA; Some feel pricing based on assets poses conflicts of interest.(News)
June 13, 2005... Byline: Jeff Benjamin DETROIT - The National Association of Personal Financial Advisors is experiencing some cracks in its foundation as its members square off over whether asset-based pricing is pure enough for the organization, which was...

At the Bell; Citigroup pays $2B to settle Enron suit.(Late News)
June 13, 2005... Citigroup Inc. on Friday said that it had agreed to pay $2 billion to settle a class action over its role in the sale of Enron Corp. stock and bonds before the energy company's spectacular collapse. The terms of the settlement call for New...

To make millions off boomers, firms must spare old paradigm.(Other Views)
June 13, 2005... Byline: Stephen D. Gresham The financial advice industry is experiencing one of the most challenging periods in its history. Investors have access to a mind-numbing array of choices offered through banks, brokerage firms, discount...

In judging managers, look past production numbers.(Practice Management)
June 13, 2005... Byline: John P. Donovan Acceptance of change in business is paramount, but nonetheless, some things never seem to change. Sales managers, for example, typically earn an override on the total production of the sales force they manage....

ERISA standards apply outside ERISA cases.(Fiduciary Corner)
June 13, 2005... Byline: Ian Lohr and John Lohr While Employee Retirement Investment Security Act regulations set the standard for prohibited transactions, those fiduciary principles apply across the realm of investment management, as applied in state...

Advisers slow to embrace Roth 401(k)s; As January launch approaches, few are well versed in plans.(News)
June 13, 2005... Byline: Rick Miller CHICAGO - Many financial advisers are in the dark about Roth 401(k) accounts. The new accounts, which combine the features of Roth individual retirement accounts with those of traditional 401(k)s, are slated to...

'Reasonable' 401(k) investment management fee falls; Fund companies cut costs, pass along economies of scale.(News)
June 13, 2005... Byline: Rick Miller CHICAGO - The amount 401(k) plan participants should reasonably expect to pay in investment management fees annually is falling and will likely continue to do so this year, according to one company's benchmark. ...

Summertime, and the livin' is easy for some stocks; Pool, garden suppliers and alcohol vendors expected to shine.(News)
June 13, 2005... Byline: Liz Skinner WASHINGTON - Although the stock market usually is quiet during the summer, some companies are expected to shine. SCP Pool Corp. (POOL) has found a niche distributing pool supplies and equipment to locally owned...

Advisers: Beware of hedge funds, foreign stocks; Real estate, private equity also draw red flags.(News)
June 13, 2005... Byline: Charles Paikert NEW YORK - It isn't just real estate. Although investors and financial advisers have heard a steady drumbeat of warnings about the potential perils of an overheated housing market, principals of the Zero Alpha...

Legg-Citi rumors may signal industry future; Regulatory moves heighten pressure on conglomerates.(News)
June 13, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - A possible asset swap between Legg Mason Inc. and Citigroup Inc., if it comes to pass, would be an important straw in the wind, indicating the future for the mutual fund, asset management and...

Life settlements industry blasts MassMutual-sponsored study; Survey, limited to N.Y., was response to firms' marketing blitz.(News)
June 13, 2005... Byline: Gary S. Mogel NEW YORK - A recently released study that is highly critical of the life settlements industry is flawed because of its limited data and the vested interest of the insurer that paid for it, according to executives in...

Advisers 'numbed' as broker shakeout looms.(Short Interests)
June 13, 2005... Byline: Brooke Southall SAN FRANCISCO - That three is never a sociable number is exemplified by a trio of bigger discount brokers' chasing one another's tails. Despite all this jockeying by Ameritrade, E*TRADE and TD Waterhouse, the...

Terry Lister leaving FSI to join Waddell as compliance chief; Move follows firm's VA-switching charges.(News)
June 13, 2005... Byline: Bruce Kelly NEW YORK - Terry Lister is leaving the Financial Services Institute Inc. The fledgling independent-contractor-broker-dealer trade group's general counsel and director of government affairs is changing jobs for...

Calamos' move into alternatives draws a critic.(Short Interests)
June 20, 2005... Byline: David Hoffman NEW YORK - Calamos Asset Management Inc. may be making a mistake by coming out with two new alternative products, according to one industry expert. The new investments, expected to be released by October, will...

More employers on autopilot.(Short Interests)
June 20, 2005... Byline: Rick Miller CHICAGO - An increasing number of employers are putting their 401(k) plans on autopilot, according to a study released last week by Hewitt Associates LLC. Lincolnshire, Ill.-based Hewitt's biennial survey of about...

Belfast group eyes different type of IRA.(Short Interests)
June 20, 2005... Byline: Brooke Southall SAN FRANCISCO - An economic-development agency has opened an office in New York to convince people that the Northern Ireland of today has more to do with the kind of IRA you invest in than the kind that fights. ...

Commonwealth gives brokers guarantee.(Short Interests)
June 20, 2005... Byline: Bruce Kelly NEW YORK - Commonwealth Financial Network of Waltham, Mass., is so confident about retaining registered representatives that it practically guarantees recruits' happiness with the firm. If a new rep is unsatisfied,...

NAPFA spreads the word.(Short Interests)
June 20, 2005... Byline: Charles Paikert NEW YORK - The National Association of Personal Financial Advisors wants to spread the word. Members of the Arlington Heights, Ill.-based association have pledged to contribute more than $101,000 to the NAPFA...

Hungry CFA candidates learn about the profession.(Conference Call)
June 20, 2005... Byline: Brooke Southall SAN FRANCISCO - The CFA Institute isn't famous for hosting pulse-quickening conferences, but its career development event here was overbooked, and the tension was palpable. The dominating presence of young,...

Another GunnAllen broker under the gun; Fla. firm could face NASD charge for failure to supervise.(News)
June 20, 2005... Byline: Bruce Kelly NEW YORK - NASD last Tuesday charged a broker affiliated with GunnAllen Financial Inc. with attempting to extort confidential information from a publicly traded small-cap company - and there is some question whether the...

Cutting fees becomes VA insurers' mantra; Competition is the driving force.(News)
June 20, 2005... Byline: Gary S. Mogel NEW YORK - Facing declining sales and tougher competition, variable annuity insurers are focusing on reducing their fees, according to industry observers. The fee cuts cover the insurers' mortality and expense...

Four Nicholas funds add a second share class.(Product Watch)
June 20, 2005... The Nicholas Family of Funds in Milwaukee has launched a new share class in four of its mutual funds. The funds involved are Nicholas II Inc. (mid-cap growth), Nicholas Limited Edition Inc. (small-cap growth), and Nicholas Equity Income Fund...

CDC weighs in on controversy.(Short Interests)
June 20, 2005... Byline: Gary S. Mogel NEW YORK - Life insurers may want to wait before revising their mortality tables and offering discounts to overweight people, despite a recent report that being a little pudgy may be a good thing. In a much...

Schwab Institutional replaces sales chief amid defections; Rowell out; Waterhouse lands Fidelity vets.(News)
June 20, 2005... Byline: Brooke Southall SAN FRANCISCO - Kevin Rowell is out as sales director at Schwab Institutional after just 13 months on the job, replaced on an interim basis by his boss, Deborah D. McWhinney. Although San Francisco-based Charles...

Sole proprietors face bigger employment tax bite.(Tax Watch)
June 20, 2005... Byline: Mark Battersby The Treasury inspector general for tax administration recently revealed that inequities exist between the employment tax liabilities of sole proprietors and those of single-owner S corporations. The results of a...