Twentieth Century offers financial advisors lower fund management fees through Schwab Institutional.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--Nov. 6, 1996--Fee-based financial advisors, who use the Charles Schwab Charles Schwab can refer to:
The move is a direct result of Twentieth Century's new multiple-class price structure, which went into effect Nov. 1. Under the agreement between Schwab and Twentieth Century, investors using financial advisors affiliated with Schwab Institutional will be able to purchase the "Institutional" share class of Twentieth Century's Select, Heritage, Growth, Ultra, Vista, Balanced, Value, Equity Income, International Discovery and International Equity funds. With the exception of the international funds, fees will be lowered from 1% to .8%. "Lower expense ratios in the form of institutional shares represent the next wave in mutual fund delivery," said Marr N. Leisure, vice president of Keller, Coad & Collins, an Irvine, Calif.-based investment advisory firm. "As the competitive environment heats up between investment advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , retail brokers and banks, the ability to deliver cost-efficient funds will become a major factor." To be eligible for the price break, a financial advisor buying funds through Schwab must invest a total of $250,000 in aggregate client assets in a Twentieth Century fund or at least $100,000 for an individual client in a single fund. Twentieth Century will continue to participate in Charles Schwab Mutual Fund OneSource(R), a no transaction fee program. Financial Advisors will now have the flexibility to offer Twentieth Century funds without the transaction fee through OneSource(R) or with the lower "Institutional" class management expense through Mutual Fund Marketplace(R). Non OneSource(R) funds in the Mutual Fund Marketplace(R) carry modest transactions fees. In recent years mutual fund "supermarkets," such as the Schwab Mutual Fund Marketplace(R), have become very popular with fee-based financial advisors. These programs provide advisors with trading services and consolidated client statements, among other perks perk 1 v. perked, perk·ing, perks v.intr. 1. To stick up or jut out: dogs' ears that perk. 2. To carry oneself in a lively and jaunty manner. . Currently more than 1,500 no-load and low-load funds Low-load fund A mutual fund that charges a sales commission of 3.5% or less for the purchase of shares. low-load fund An open-end investment company with a sales charge ranging from 1 to 3% of the net amount invested by a shareholder, as are available to financial advisors through the Schwab Mutual Fund Marketplace(R). "This is a win-win situation for the investor and the investment advisor,' said Brian Jeter, vice president of Alternate Distribution for Twentieth Century Mutual Funds(R) and The Benham Group(R). "Investors get well-known Twentieth Century funds at a reduced management fee, while the fee-based advisor can offer clients more competitive pricing." Twentieth Century Mutual Funds and The Benham Group, which will become American Century Investments American Century Investments is a privately held investment management firm. Its headquarters are located at 4500 Main in Kansas City, Missouri, near the famous Country Club Plaza. It was formerly known as Twentieth Century Investments. The company was founded by James E. on January 1, 1997, serves more than 2 million individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Through its broad selection of 66 mutual funds, the combined company manages approximately $53 billion in assets. Twentieth Century was founded in 1958 by its chairman, James E. Stowers James E. Stowers (born 1924) is the founder of American Century Investments and the Stowers Institute for Medical Research. Born and raised in Kansas City, Missouri, Jim Stowers graduated from Kemper Military School in Boonville, Missouri. Jr. The Benham Group was founded in 1971 by James M. Benham. Benham is currently vice chairman and director of the combined companies. CONTACT: Twentieth Century, Kansas City Chris Doyle
Chris Doyle is a multi-media artist who lives in New York. His major public projects have included LEAP, presented by Creative Time in Columbus Circle (2000) and Commutable, presented by , 816/340-4638 Larry Tabak, 816/340-4868 |
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