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Tuesday, August 31, 2010

Whom Will 12b-1 Reform Hit the Hardest?

News summary by MFWire's editors

Which mutual fund firms have the most assets in share classes with 12(b)-1s above 25 basis points, the 12(b)-1 fee limit included in the SEC's reform proposal? Drawing on data from Strategic Insight, InvestmentNews' Jessica Toonkel ranks the nine publicly-traded fund firms with the most assets in such shares (like C shares or some R shares). AllianceBernstein (27 percent) [see profile], Franklin Templeton (26 percent) [see profile] and Waddell & Reed (21 percent) [see Ivy Funds profile here and Waddell & Reed profile here] top the list.

Yet Strategic Insight research director Avi Nachmany told the trade pub that he expects the proposed reforms to create a bigger shift for the broker-dealers than for the fund companies, as the B-Ds create new share classes with their own fees layered over the funds' own "marketing and service" fees (i.e. 12(b)-1-light) and management fees.

The article does not mention any privately-held mutual fund firms and their percentages of potentially-impacted assets. 

Edited by: Neil Anderson, Managing Editor


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