The Hartford Mutual Funds has introduced level-load shares for its 10 mutual funds, paying brokers both an up-front and a trailing commission.
The fund company, a unit of Simsbury, Conn.-based Hartford Life, already offers funds with front-end and back-end loads, as well as institutional shares that do not carry sales charges.
Brokers selling the level-load shares get a 2% up-front commission and a 1% annual trail; investors pay a 1% up-front charge and an annual 1% fee on total assets. A 1% charge is levied on redemptions within 12 months of the investment.
Hartford's funds were launched in July 1996 and have $1.8 billion under management. Sales this year through Aug. 31 totaled $1.1 billion. About one-quarter of Hartford's fund sales are through banks.