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Closed Mutual Funds Still Charging 12b-1 Fees

Domestic mutual funds currently closed to new investors continue to charge 12b-1 fees even though they no longer market the fund, Standard & Poor's reported Aug. 4.

 

As of July 2003, the average closed equity fund charges its investors a 0.65 percent 12b-1 fee, according to the report. Moreover, some of the biggest fund management companies are still charging 12b-1 fees on funds closed to new investments, the report says.

 

For example, Idex Mutual Funds currently lists 53 funds that are closed to new investments, yet charge a 12b-1 fee, says the report. INVESCO Funds Group, ING Investments, Dreyfus Corp. and General Electric Investment Corp. all charge 12b-1 fees on closed funds, the report says.

 

According to the report, funds state in response that the 12b-1 fee is necessary since the fund remained open to existing investors. "Standard & Poor's feels this is an insufficient explanation, especially in an environment dominated by single digit returns," said Phil Edwards, Standard & Poor's Managing Director of Funds Research.

 

Additional information is available at www.standardandpoors.com.

 

More information on this issue will appear in the September 2003 update to Money Manager's Compliance Guide.

 

 

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