Funds Target RIAs
Significant changes are being made to the product and pricing structure of the American Performance Funds to meet the needs of fee-based advisors and their clients.
American Performance Funds last month eliminated the sales charge on Class A Shares, and renamed the share class No-Load Investor Shares. These will carry a standard 0.25% 12b-1 fee; for other classes, an overall policy of maintaining low expense ratios will be adopted.
American Performance Funds also introduced a new Institutional Share Class with a lower overall expense ratio and a $100,000 investment minimum.
American Performance Funds plans to introduce a U.S. Tax-Efficient Mid Cap Equity Fund to complement its large- and small-cap offerings, which are being renamed: The American Performance Equity Fund will be renamed the American Performance U.S. Tax-Efficient Large Cap Equity Fund, while the American Performance Small Cap Equity Fund is being renamed the American Performance U.S. Tax-Efficient Small Cap Equity Fund.
BOk Investment Advisers, Inc., a subsidiary of Bank of Oklahoma, manages the American Performance Funds. "We are making these changes to strengthen our position and achieve greater distribution in the RIA marketplace," says Doug Scott, a BOk senior vice president and product manager.
For more information, call Jim Striegel at (918) 588-6858 or visit www.apfunds.com.
Fund Supports Assisted Living Facility
The CRA Qualified Investment Fund mutual fund purchased a $6.57 million Federal Housing Administration project loan supporting an assisted-living facility housing more than 100 Chicago-area senior citizens with disabilities.
The CRA Qualified Investment Fund is a high-credit-quality, fixed-income mutual fund seeking competitive financial performance while supporting community and economic development in neighborhoods across the country. For more information, visit www.crafund.com, or call CRAFund Advisors at (877) 272-1977.
T. Rowe Price Adds Funds
T. Rowe Price has added two funds, Dividend Growth Fund and New America Growth Fund, to its Advisor Class lineup, bringing the total number of funds that offer Advisor Class shares to 26.
Advisor Class shares carry a 12b-1 fee of 0.25%, and can only be purchased through financial intermediaries. For more information about any T. Rowe Price mutual fund, call (877) 804-2315.
Charitable Planning Sales Kit Launched
John Hancock has launched a new charitable planning virtual sales tool kit. It includes new sales, marketing and educational materials to demonstrate how clients can use life insurance to provide a lasting benefit for their favorite charity, while enjoying tax advantages for themselves and their families.
Financial advisors who want more information should contact their local John Hancock office or call 888-266-7498, Option #3.
Treasury Bond Index Funds Launched
Fidelity Investments has launched three low-cost Treasury bond index funds, expanding the number of index funds it offers from nine to 12.
Each fund–Spartan Short-Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund and Spartan Long-Term Treasury Bond Index Fund–will offer the low-cost Fidelity Advantage Class shares and standard Investor Class shares. Customers may invest in Fidelity Advantage Class shares for a $100,000 minimum investment.
Advisor Joins Windsor II Fund
The Vanguard Group has added Armstrong Shaw Associates Inc. to the five current advisors managing Vanguard's $41.4 billion Windsor II Fund.
To minimize any tax impact to shareholders, Vanguard will direct a modest portion of the fund‚s current cash position to Armstrong Shaw. In addition, a portion of the new cash flow received by the fund will be directed to the new advisor.
February 1, 2006
Funds Target RIAs