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
, 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.
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