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Wednesday, April 07, 2010

A Fund Supermarket Hikes Fees

News summary by MFWire's editors

Online broker TD Ameritrade is increasing fees on its no-transaction-fee mutual fund platform from 35 basis points to 40 bps, confirmed Sandy Motusesky, TD Ameritrade's director of mutual fund and ETFs. The move puts TD on the same page as Schwab and Fidelity, both of which charge fund firms 40 bps.

Sandy Motusesky
TD Ameritrade
Director of Mutual Funds and ETFs
"We've put a lot of time, effort and investment in tools and resources," Motusesky said. "We're building out mutual fund platform. Our platform is as good as that of our top two competitors."

The new pricing is in effect for funds coming on board the platform. TD Ameritrade is looking to transition existing funds to the new pricing by the end of its fiscal year in September.

TD Ameritrade's NTF platform carries 1,600 funds.

"We're going down the list of the ones that we feel needed to be done first," she said. 

Edited by: Armie Margaret Lee

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