is adding A class and B class shares for three of its asset allocation funds, and limiting sales of the funds to advisors, only.
The move is a reaction to demand, stated David Larrabee
, senior vice president of American Century Third Party Sales.
"Financial professionals are looking for fully diversified products to offer their clients, giving them more time to provide other types of value-added advice and services…advisors are well equipped to evaluate and provide this type of bundled product to their clients," stated Larrabee in a release.
The funds -- Strategic Allocation: Conservative, Strategic Allocation: Moderate, and Strategic Allocation: Aggressive -- will still be available for direct purchase to investors who bought the funds before September 29.
The funds are co-managed by Jeff Tyler and Gina Sanchez, managers of American Century's My Retirement Portfolio funds and other asset allocation funds.
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