In the latest chapter of the ongoing floating NAV crusade, eight fund giants are pushing the SEC to alter its rules for what defines a retail fund, according to Bloomberg.

Fidelity, BlackRock, Vanguard Group Inc., Invesco Ltd., Legg Mason Inc., T. Rowe Price Group Inc.,Northern Trust Corp. and Wells Fargo & Co. (WFC) were among the giants who pushed for the change in a letter, which asked to limit the ownership of retail funds to "natural persons," i.e. individuals with a social security number.

The redefinition is important, the newswire notes, because retail funds would be exempt from the SEC's proposed floating NAV rule. 

Edited by: Tommy Fernandez


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