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January 10, 2011 at 10:48 AM
Prudential Investments announced Wednesday, Jan. 5 the launch of a “Q Share” class for mutual funds designed to meet the greater fee transparency needs of group retirement plans as they comply with new government regulations.
The shares do not charge 12b-1 service fees and have minimal transfer agency fees, allowing plan providers and sponsors flexibility in choosing pricing structures, according to a release from Prudential Investments, which is the mutual fund family of Prudential Financial Inc., which had approximately $750 billion of assets under management as of Sept. 30, 2010.
As plan providers deal with the implementation of new government rules for greater fee transparency, Prudential Investments is introducing the Q Share class for certain funds to help them fulfill that responsibility to plan participants, said Michael Rosenberg, head of Prudential Investments’ Investment Only Defined Contribution group.
“Investors should view the Q Share class as an opportunity to have a clear accounting of the impact various fees and expenses will have on their accounts by distinguishing between recordkeeping and investment expenses,” Rosenberg said in a statement.
