Business: Canseco hopes to score with mutual fund

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Canseco hopes to score with mutual fund

Personal Finance editor

HELEN
HUNTLEY

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By HELEN HUNTLEY

Tampa Bay Devil Rays slugger Jose Canseco has been doing more than rehabing a sore foot during his recent stint on the disabled list: He's been making plans to launch a mutual fund.

Canseco Financial Group, his Miami Beach mortgage brokerage company, is moving into money management with a marketing boost from the player's appearances on financial news shows. It has attracted a half-billion dollars in commitments from wealthy investors, mostly professional athletes, according to vice president Walter Sollie.

Now Canseco wants to offer a fund for small investors in conjunction with an established mutual fund company. Sollie said the company won't rely solely on Canseco's stock-picking expertise; it's also recruiting some heavy hitters from Wall Street.