Union Bank of California is hoping to kick-start the launch of its newest fund by offering a sale. The bank's San Francisco-based Highmark Funds is waiving the load on sales of A shares in its new Small Cap Growth Fund. The fund is one of 15 in the Highmark family and comes in A, B, and C shares as well as a separate "fiduciary" class.

Starting May 15, Highmark will wave its standard 5.50 percent load for those who purchase A shares worth more than $10,000. Those purchasers will face a special 2.00 percent contingent deferred sales charge if redeemed within one year of the purchase, according to an SEC filing.

Highmark will waive the fee through June 30. After that date subsequent purchases of A shares by existing shareholders will be charged the applicable front-end sales charge under the fund's prospectus.

While the fund firm will not use the fund's assets to pay commissions, it will continue to pay advisors selling the fund from its own assets. The investment is reportedly part of an effort by the fund firm to juice the growth of its funds.

As part of the effort it is also considering adding to its wholesaler team. Currently Highmark has four wholesalers covering banks, broker-dealers and registered investment advisors focused on its funds. In the future that number may climb as high as 10, according to a published report.

The fiduciary class of shares for the fund is offered to qualified plans and through RIAs.  

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