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 |
|
Thursday, July 24, 2003 Quaker State Firm Drops B Shares Quaker Funds has decided to drop B shares from its product menu. The Valley Forge, Pennsylvania-based fund firm explained the move by saying that the cost of selling the shares was to steep, according to the Wall Street Journal which first reported the news. Instead of sinking its capital into supporting B shares sales, the fund firm plans to use the newly freed funds to up its marketing and seek out new opportunities. Quaker is a relatively small firm with just $315 million in assets inside its funds. It first started selling B shares three years ago. "It wasn't a big part of our fund company but required a significant contribution on our part," Kevin Mailey, president, told the news service. "With the aggressive position that the NASD is taking, we thought we'd put a moratorium on them for the remainder of the year." Printed from: MFWire.com/story.asp?s=5556 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |