The Bank of California has reorganized its proprietary stocks and bonds into two classes of shares, according to regulatory filings.
The changes were undertaken as part of the bank's recent move to expand sales of its proprietary funds to retail customers. said an executive m the San Franciscobased bank's mutual fund management unit.
Under the arrangement. which took effect June 20, stock and bond portfolios in the bank's Highmark family of funds have been restructured into Class A and Class B shares.
The A shares, which carry a front-end sales charge, are for retail investors. The front-end fees range up to 3% for bond funds and up to 4.5% for stock funds.
Until it created the new structure, the bank managed only noload funds for trust and fiduciary customers. Assets of these funds have been shifted to the new B shares, which continue to carry no sales loads.
No changes were made in the pricing of money market funds managed by the bank. The Highmark funds have $1.6 billion of assets, according to Lipper Analytical Services Summit, N.J.