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Rating:Union Launches S&P 500 Index Fund Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, April 25, 2000

Union Launches S&P 500 Index Fund

Reported by Jason Shank

The United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada (UA) has launched the United Association S&P 500 Index Fund. The fund is designed to serve the long-term investment needs of the union's members, such as retirement.

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National City Investment Management Company (Cleveland, OH) is the investment advisor and custodian for the Fund, while Denver-based ALPS Mutual Fund Services will be the fund's administrator and distributor. The initial marketing will focus on the "financial advisors who manage benefit plans of the United Association across the country, as well as their individual members," according to ALPS executive vice president Ned Burke.

"We are proud that both institutional investors, such as retirement benefit funds, and individual investors, such as union members, can be a part of a new strategy for our future," stated Martin Maddaloni, general president of the UA.

The fund will be no-load fund, with two share classes: one for retail investors and one for institutional investors. The retail class will have an expense ratio of 0.17% (after waivers) and the institutional class will have an expense ratio of 0.135%.

The 110-year old United Association is made up of over 300,000 members representing over 400 local unions across North America.  

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