Kelmoore Investment Company
said today it is adding an A class of shares to its $70 million Covered Option Fund
, launched in the Spring.
The Palo Alto, California-based broker/dealer said its A shares will have an upfront load starting at 5.5% with a 12b-1 fee of 25 basis points.
The change in class shares is a move to capture the RIA business and commissioned brokers who want upfront fees, said Tammy Heiman
, executive vice president, Kelmoore.
Kelmoore's two funds, the Covered Option Fund and Kelmoore Strategy Offshore Option Fund
are distributed through several online brokerages including E*Trade, Fidelity, Ameritrade
The funds will also be added to the Schwab
platform by the end of the week, Heiman said.
The company has just launched a television ad campaign, starting on Oct. 11 with a regional ad shown in northern California. The advertisement was created with AT&T
and uses a cartoon to explain the company's strategy.
Probably next year the Kelmoore will be launching more mutual funds. "We want to create a family of funds," Heiman said. The registration of an annuity share class is presently in the works.
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