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Friday, November 1, 2013

Fund Giants Push to Redefine Retail

News summary by MFWire's editors

In the latest chapter of the ongoing floating NAV crusade, eight fund giants are pushing the SEC to alter its rules for what defines a retail fund, according to Bloomberg.

Fidelity, BlackRock, Vanguard Group Inc., Invesco Ltd., Legg Mason Inc., T. Rowe Price Group Inc.,Northern Trust Corp. and Wells Fargo & Co. (WFC) were among the giants who pushed for the change in a letter, which asked to limit the ownership of retail funds to "natural persons," i.e. individuals with a social security number.

The redefinition is important, the newswire notes, because retail funds would be exempt from the SEC's proposed floating NAV rule. 

Edited by: Tommy Fernandez

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