MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, May 23, 2000 May 23, 2000 SEC gets serious about redemption fees From Morningstar The SEC has long felt that mutual fund redemption fees should be capped at 2%. Now, it's making that position official. Paul Roye, director of the division of investment management, told reporters that the agency will "lay down the law in the next month." The law will take the form of a no-action letter in which the agency states its position, but agrees not to seek penalties. The fees are used to discourage high turnover, but the SEC believes that all shareholders should be able to redeem their holdings at or near net asset value. Barclays bash From The Wall Street Journal It looks as if the hype paid off. On their first day of trading, Barclays Global Investors new exchange-traded funds attracted nearly $800 million in assets. The SEC gave the green light to the funds after Barclays cleared up concerns raised by a shareholder activist group and the Consumer Federation of America, and agreed to provide greater disclosure about investing risks. The haul represents the best one-day start for a group of ETFs at the Amex. Ten more Barclays ETFs are scheduled to launch Friday. By summer, Barclays hopes to have about 50 more. Printed from: MFWire.com/story.asp?s=25692 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |