Meyers Capital Management
is expanding the distribution for its $9 million Meyers Pride Value Fund by adding it to American Express Financial Advisor's SPS Advantage
program. "We flipped the switch on Monday" to add the fund, said William Sileo
, vice president and director of marketing and sales at Meyers Capital.
The fund is already distributed through Charles Schwab, E*Trade, DLJ Direct and TD Waterhouse. The firm chose not to offer the fund through Fidelity's FundsNetwork due to the high cost of the program, said Sileo. The fund is also offered through the Morgan Stanley Dean Witter and Linsco Private Ledger advisory networks.
Sileo added that the firm is looking at expanding the number of funds it sponsors, but he declined to divulge details at this time. No funds are yet in registration.
The fund is one of the few funds that targets companies that support gay and lesbians for its investments. Indeed, it will only invest in companies that have stated non-discrimination language based on sexual orientation.
Sileo said that American Express support of the gay and lesbian community is one of the reasons the firm chose to distribute through the program. He said that American Express is one of the leading financial institutions geared toward the gay and lesbian community. "They are ahead of the other financial institutions," he told the MutualFundWire.com
Sileo pointed to American Express' advertising, and the education materials it provides to advisors who are supporting the gay and lesbian community as examples of the firm;s progressiveness.
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