Quest for Value Distributors said it is creating three classes o shares for its mutual fund family to meet investor needs and capture a greater share of the market.
The company, an arm of New York-based Oppenheimer Capital, is embarking on an aggressive campaign to gain a predominant share of the booming mutual fund business. In the 12 months ending July 31, mutual fund assets grew from $1.5 to $1.8 billion.
"In a year when mutual fund assets have grown 20%, and with the number of funds increasing from 3,854 to 4,293, we believe multiple classes of shares is a growing phenomenon that will benefit both brokers and investors alike," said Peter F. Muratone, Quest's president.
Sellers of the funds can earn competitive commissions while meeting customers needs with the different shares which are broken into A, B, and C classes.
Oppenheimer Capital manages more than $28 billion in assets, over $4 billion of which are invested in the Quest for Value funds.
