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Friday, May 10, 2002|
Pershing Adds Reserve
New York City-based Reserve Funds has won a spot on Pershing's no-transaction fee program for three of its funds. The three funds were added to the FundVest Focus platform last month.
Through the deal, Pershing customers and their clients will have access to the Reserve Small-Cap Growth Fund, Large-Cap Growth Fund, and International Equity Fund on a no-transaction fee basis.
Reserve is known as one of the originators of the money market fund. In 1994 it broadened its product portfolio with the addition of sub-advised equity funds.
Brian T. Shea, chief operating officer at Pershing explained that the use of sub-advisors was one of the attractions of the funds.
"The Reserve Funds are widely considered to be among the best-of-breed products and services available in the financial services industry, and we are excited to offer our customers access to a family of funds that will help broaden their product offerings and enhance their competitive positioning," said Shea. "Through our agreement with The Reserve Funds, Pershing customers and their clients have access to the same investment management expertise typically reserved for equity portfolios of one million dollars or more."
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