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Rating:BlackRock's Move Could Spur Copycats Among Closed-Enders Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 11, 2009

BlackRock's Move Could Spur Copycats Among Closed-Enders

by: Armie Margaret Lee

Those interested in the closed-end community may find Wednesday's Wall Street Journal Fund Track column by Daisy Maxey of interest. In it, Maxey reports that some BlackRock funds have negotiated lower auction fees on preferred shares that are for sale but fail to find buyers. Such a move, Maxey writes, could be copied by other firms with closed-end funds.

The auction fees are collected by auction agents and by broker-dealer firms.

The annual report for BlackRock MuniVest Fund II, for instance, states that last December, commissions paid to b-ds on preferred shares that experience a failed auction fell to 15 bps on the aggregate principal amount.  

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