Mutual fund firms spent less money on promoting themselves in 2006 than they did in 2005, according to data from Nielsen Media Research.
In the big spending days of 2005
, fund firms spent a combined total of about $300 million on advertising, with the top three spenders, T. Rowe Price
, Fidelity Investments
and Franklin Templeton
shelling out $74.7 million, $48.9 million, and $25 million respectively.
The numbers for 2006 show a cutback in total dollars allocated to ads -- combined, mutual fund firms spent $280.2 million, this includes $277.9 million on television and print ads and $2.3 million on Web site advertising. However, there was a bump in the spending of the top three firms, who were once again T. Rowe, Fidelity and Franklin.
T. Rowe upped its spending to $79.5 million and Franklin followed suit with $30.3 million. The only member of the top three that dropped off on ad spending was Fidelity, spending $33.3 million, down from the $48.9 million in 2005.
Rounding out the top ten spenders were American Century
, Massachusetts Mutual Life
, Morgan Stanley
, Vanguard Group
( the biggest surprise on the list as they did not even crack the top 20 in 2005), Charles Schwab
and Bank of America
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