The mutual fund shop behind a sin fund wants to increase the fund's allure to advisors.
The Vice Fund
, which is run by USA Mutuals
and invests in alcohol, tobacco and firearms companies, has registered for an institutional share class
to increase the fund's appeal to 401k advisors.
"We've had some advisors looking to use the fund in their 401k programs, as well as advisors requesting institutional shares just for their regular advisory programs," USA Mutuals president Jerry Szilagyi
In addition to serving as president of USA Mutuals, Szilagyi is also founder and chief executive officer of Catalyst Capital Advisors
Szilagyi said that USA Mutuals has also bolstered its sales force. At the end of 2012, the firm had three wholesalers, now it has nine – all of whom are targeting the financial advisor market, including broker dealers and insurers.
He added that the firm launched a variable annuity version of the fund at the end of last year, which is currently available on the Jefferson National Monument
platform. The firm is working to expand the products availability on other annuity platforms.
Meanwhile, Szilagyi said that the fund is available on over 100 fund platforms, including Morgan Stanley
, Wells Fargo
, Raymond James
and TD Ameritrade
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