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The roster of actively managed E.T.F.'s includes 24 that focus on bonds or other debt instruments, according to a report by AdvisorShares Investments, a large manager of active E.T.F.'s.
The company, a large manager of corporate Web sites based in Santa Clara, Calif., said it now expected a loss of $110 million to $115 million, or 19 to 20 cents a share, in the second quarter.
Exodus and Global Crossing may have felt pressure to pursue a deal after WorldCom acquired Intermedia Communications for about $6 billion in stock and debt earlier this month, giving WorldCom control of Digex Inc., another large manager of Web sites.
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Investors are increasingly inclined towards large managers with long track records and strong brands.
They are often more risk-averse, preferring to invest bigger sums in fewer, large managers with a longer record.
John Nester, a spokesman for the S.E.C., said the agency tried "to balance the benefits of transparency of how large managers invest with the need to temporarily protect the legitimate confidentiality interests of managers in limited circumstances".
While many seeders would argue that the idea of owning a basket of small managers enables you to protect against blow ups, one advantage of large managers is that they have withstood the test of time.
The growth in the money under management, while modest, reflects a broader trend in the industry, which has seen large managers attract assets at a faster pace than smaller firms.
It is the nation's largest manager of union pension funds, with its trust department managing or serving as custodian for $31 billion in assets.
A unit of Blackstone recently became the largest manager of such instruments in Europe, with $15 billion in loans under management, Bloomberg notes.
Marquarie is the world's largest manager of infrastructure.
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