has added itself to the list of fund firms that are getting rid of B Shares. The Jersey City-based firm will cease offering the share class effective March 31 2010,
company spokesperson Chris Finn confirmed to The MFWire
"Over the last several years the industry has been moving away from Class B shares," Finn noted. "Today, B shares account for less than 2 percent of [Lord Abbett's] gross mutual fund sales and eliminating B shares will allow us to align ourselves more closely with current mutual fund practices," he said.
Management of the existing B shares will be maintained until the shares are converted to Class A shares approximately eight years after the purchase date.
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