MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 22, 2003 Money Center Bank Drops B Shares JP Morgan Chase is dropping B class shares on seven mutual funds, effectively abandoning that product line. It will also cease offering C shares on four of the funds. The bank revealed its plan in an SEC filing. The filing provided no reason for the decision to drop the sale of B shares for the funds. However, Reuters reports that the move was made in response to a lack of demand for the shares from investors. The funds effected by the move include: JP Morgan Disciplined Equity ($788 million in assets), JP Morgan Global Strategic Income ($126 million), JP Morgan Global Healthcare ($13 million), JP Morgan Global 50, JP Morgan Fleming Tax Aware International Opportunities, JP Morgan Small-Cap Growth and JP Morgan Fleming Asia Equity funds. While B shares have come under attack by regulators claiming that brokers have used the funds to inappropriately raise the amount of commissions that they receive. Those investigations do not appear to have played a part in JP Morgan Chase's decision making. The B shares represent fewer than $1 million in assets of the $1.1 billion held in the seven funds. Also, the bank will no longer sell C shares on four of the funds: JP Morgan Global 50, JP Morgan Fleming Tax Aware International Opportunities, JP Morgan Small-Cap Growth and JP Morgan Fleming Asia Equity funds. C shares are not a part of the regulatory actions. Printed from: MFWire.com/story.asp?s=5538 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |