Sept. 18, 2003 — Standard & Poor’s would not recommend that investors sell mutual funds run by four companies whose trading practices are being investigated by New York Attorney General Eliot Spitzer until more information on the probe is available.
Standard & Poor’s also said it will not change its recommendations on funds offered by the companies — Janus Capital Group (JNS), Strong Capital Management Inc., Bank of America (BAC) and BANK ONE Corp (ONE) — until more is known about the investigation.
“Standard & Poor’s suggests that investors monitor the situation closely,” said Phil Edwards, managing director of Standard & Poor’s funds research. “We would not recommend that investors sell the funds run by these fund companies until the Attorney General and the fund companies involved release a more detailed analysis of the investigation.”
Edwards said Standard & Poor’s will not remove its recommendations on the four companies’ funds “until more details into the depth and breadth of the investigation are put forth.” He added that “it is still too early to make a call of that magnitude.”