The Markets November 9, 2010

Pershing Expands its Mutual Fund Platform

Janus Funds and Pacific Life Funds will now be a part of FundVest, Pershing's no-transaction-fee mutual fund platform.
Reported by

Mutual funds from Janus and Pacific Life are now available to Pershing’s broker/dealer customers and their clients, and to independent registered investment advisers (RIAs) and their clients through Pershing’s affiliate, Pershing Advisor Solutions LLC.

FundVest offers investors access to more than 3,700 mutual funds, managed by more than 230 fund companies.  Through FundVest, investors can buy, sell or exchange an array of load and no-load mutual funds through their financial intermediary without incurring regular transaction fees.   

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Products November 9, 2010

MESP Reduces Fees, Unveils Web Site

The Michigan Department of Treasury and TIAA-CREF Tuition Financing, Inc. announced a reduction in fees of the Michigan Education Savings Program (MESP).
Reported by

Effective October 25, 2010, the total annual asset-based fee, which covers the cost of operations, investment management and marketing of MESP, was reduced from 0.45% to 0.35% per year. The Principal Plus Interest Option continues to be offered without a fee, according to a press release.

MESP also recently unveiled a new Web site (www.misaves.com) that includes:

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  • e-Delivery of statements and disclosure information
  • Online withdrawals
  • College Savings Planner to project potential tax savings and college savings goals
  • Informational Webinars to learn about MESP
  • iPhone and Android applications available

The Michigan Education Savings Program has close to $2.5 billion in assets (as of November 4, 2010) since its launch in November, 2000.
 

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