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Thursday, May 26, 2011

12b-1 Reform Could Hit Waddell the Hardest

News summary by MFWire's editors

Waddell & Reed [see profile] has the most to fear from possible 12b-1 reform. That's reportedly one of the findings of a new report from investment bank Keefe, Bruyette & Woods, authored by managing director Robert Lee and assistant vice president Larry Hedden.

Money Management Executive's Steve Garmhausen covered the new report.

According to Hedden and Lee, Ivy Funds [see profile] parent Waddell boasted a higher percentage of assets in funds with 12b-1 fees above 25 basis points (the SEC's proposed new cap for 12b-1s) than any other mutual fund firm they examined. Yet the two KBW executives urged fund firms also expected that 12b-1 reform's impact "could be modest," thanks to a shift away from higher 12b-1 share classes and towards fee-based accounts 

Edited by: Neil Anderson, Managing Editor


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