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In addition to the R6 share class, all 25 Sterling Capital mutual funds are available in A, C and Institutional share classes.
David Blass, general counsel at the Investment Company Institute in Washington, noted when the guidance was released that the SEC "will receive a large number of share class filings from funds offering variations in fund sales loads or new fund share classes in connection with the implementation" of Labor's fiduciary rule.
According to Cerulli, the industry's focus on lower-cost pricing, firms have plenty of reasons to scrutinize their share class offerings: demand from intermediaries for the lowest-priced share class, retirement plan sponsors' efforts to offer lower costs, the DOL conflict of interest/fiduciary rule, and the Securities and Exchange Commission (SEC)'s 2016 share class initiative.
Plans that decide to offer these shares may convert its current holdings in another share class of a Prudential fund to the fund's Class Q shares.
Jane Jarcho, national director of investment advisor exams, who was also recently named OCIE's deputy director, warned in mid-April that the Share Class Initiative was forthcoming.
Committees should consider which available share class is the least expensive to participants in terms of net cost.
The funds fees being lowered are the Wealth A share class of: the SEI Defensive Fund (with the total fund fee reduced to 0.
SAN FRANCISCO -- Matthews International Capital Management, LLC (Matthews), advisor to the Matthews Asia Funds, has introduced an Institutional share class for nine of the Matthews Asia Funds.
For MFS, this share class is known as Class R6, which usually indicates retirement fund shares but in this case goes beyond that definition to include advisor-managed accounts as well.
Deutsche Boerse AGs tendered share class (ISIN DE000A2AA253) will be replaced with the prior share class of Deutsche Borse AG (ISIN DE0005810055).
A share class is a designation that applies to a mutual fund or other type of security such as common stock.
It is available in an institutional share class (WHGIX) and an A share class (WWIAX).