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3 big NY funds suffer capital punishment; Assets, stock prices dive as even Gabelli is tarnished; only BlackRock holds on.

Publication: Crain's New York Business
Publication Date: 15-JUL-02 		Format: Online - approximately 986 words
Delivery: Immediate Online Access
Full Article Title: 3 big NY funds suffer capital punishment; Assets, stock prices dive as even Gabelli is tarnished; only BlackRock holds on.(Brief Article)

Article Excerpt
Scott kahan still believes in stocks. But the financial planner has a hard time convincing his clients to follow his advice on investing in mutual funds.

Worried about the deep declines in the equity markets and accounting scandals such as the WorldCom debacle-and anxious that any new terrorist attacks could further hurt the economy-his customers insist on stashing their cash in money market funds and bank certificates of deposit.

``People have just given up,'' says Mr. Kahan, a principal of Financial Asset Management Corp. in Manhattan.

That's bad news for all mutual funds. Among New York area money managers running mutual funds, big damage is being done to three large publicly held companies: Gabelli Asset Management Inc., Neuberger Berman Inc. and Alliance Capital Management Holding. Known for their equity funds, the three managers have seen their assets shrivel, their earnings projections drop and their own stocks plunge....

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