Word: invesco
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Dates: during 1999-1999
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...deserting? An increasingly popular tactic, according to Financial Research Corp., is to slap them with a fee for making an early exit. More than 300 stock funds now impose a redemption fee, with most levying a 1% to 2% penalty, for bailing within the first three-to-six months. Invesco just instituted a fee on nine funds. Direct-marketed, no-load funds most often use the fees, but Janus and Strong have largely resisted the trend...
More firms like Invesco are trying to bolster faltering, small-cap mutual funds by combining them with winners (382 mergers last year alone), but it may be a losing proposition. To give long-suffering shareholders a boost, it seems, high-flying investors have to take a dive. According to a recent academic study, the performance of the acquiring stock funds, as measured by their objective-adjusted returns (how they fared relative to their peers), tends to drop after they've absorbed all that new cash...