The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Schwab and BofA Expect to Recoup Waived Money Fund Fees Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 30, 2011

Schwab and BofA Expect to Recoup Waived Money Fund Fees

News summary by MFWire's editors

Money market fundsters take heed: several money market shops, which waived several billion dollars in fees over the past two years, are set to recoup those fees at a future date, Reuters reports. But not all of them will follow through.

In particular, Charles Schwab Corp [see profile] reportedly said it could potentially recover $878.2 million in previously-waived fees from investors in a number of its money market mutual funds. According to a filing, the fee recapture could take place over a three-year period that ends in 2014.

Also, Bank of America Corp's recovery could reportedly total some $113 million across several money market funds. Overall, money market funds waived some $4.5 billion in expenses in 2010, or more than three times the amount waived in 2006, according to data from the Investment Company Institute (ICI).

But not everyone is interested in recouping lost fees. JPMorgan Chase & Co Inc spokeswoman Kristen Chambers told the pub that its funds don't plan to claw back previously waived fees in future years. State Street Global Advisors [see profile] has said that it does not have the ability to recover amounts waived or reimbursed from prior periods. And a spokesman for Fidelity Investments [see profile] said that the Boston Behemoth can recoup fees within the fund's fiscal year, if desired.

"If these waived fees are not recouped by the funds prior to the fund's fiscal year-end, shareholders would pay less in annual fees than the disclosed fees," the Fido spokesman said. 

Edited by: Hung Tran

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use