has adjusted its distribution structure by adding "B" shares and repricing "C" shares. The decision to add "B" shares was made in response to broker-dealers who asked for more flexible payment schemes. The "C" shares addition is part of an attempt by Touchstone to build its presence in the mutual fund wrap account arena.
"We're fortunate in that this complex has the wherewithal to add 'B' shares," said Jill McGruder
, president and chief executive officer of the Western-Southern subsidiary, emphasizing the importance of different compensation options for brokers and firms: "Touchstone knows exactly which offices 'B' shares were built for."
The decision to reprice "C" shares reflected the Cincinnati, Ohio-based firm's efforts in the fee-based space. "Our 'C' shares did have a two percent charge," explained McGruder.
No executive is dedicated to taking Touchstone products into wrap programs, but McGruder revealed new relationships with Merrill Lynch
, UBS Paine Webber
, and Raymond James
. "You have to keep beating your head against the wall," McGruder confided.
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