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 |
|
Friday, May 9, 2014 BlackRock's Bps Fuel Powerball Winner's Suit Go figure. In 2011, Florida investment advisor Timothy Davidson was one of three financial executives who bought a Powerball lottery ticket at a gas station that ultimately won them $254.2 million jackpot. Davidson creates a trust using some of the winnings that invests $1 million in BlackRock's Global Allocation Fund. In the fund's institutional share class to be precise. Now the advisor has filed suit against the asset giant, asserting that the firm charges too much in fees, reports InvestmentNews. The publication quotes Davidson's complaint as declaring the following:
The suit is the fourth such complaint leveled against the asset giant, and has been given the green light to go class action. It claims that shareholders have suffered damages in the hundreds of millions. The fund charges 78 bps for its institutional share class. A number of other firms have raised shareholder ire over fees recently, InvestmentNews reports. The paper cites records collected by shareholder advocacy group The Coalition of Mutual Fund Investors which show that Principal Management Corp., Ameriprise Financial, Oakmark Funds, American Funds, Hartford Investment Financial Services, Axa Equitable Life Insurance Co. and ING Investments have all faced similar complaints. Printed from: MFWire.com/story.asp?s=48369 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |