A news release said the retirement shares were designed for the small-to-mid level group retirement plans with up to $10 million in plan assets.
The new shares will be available through third-party retirement platforms and broker-dealers the company said. The shares will be sold with no front-end or contingent deferred sales loads and will carry a .50% Rule 12b-1 fee. Class R shares are offered to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and certain non-qualified deferred compensation plans, according to the announcement.
The new shares are being added to the following six funds, the:
- Excelsior Value and Restructuring Fund
- Excelsior Small-Cap Fund
- Excelsior Mid-Cap Value Fund
- Excelsior Large-Cap Growth Fund
- Excelsior Equity Income Fund
- Excelsior Managed Income Fund.
“We are creating an Excelsior Fund Retirement Share Class to meet the needs of small-to-medium sized group retirement plans,” said Joseph Trainor, president of US Trust Institutional., in the news release. “The new ‘R’ shares offer additional options to third-party administrators who are focused on providing competitively-priced investment solutions to the small-to-medium sized group retirement plan market.”
More information is at http://www.excelsiorfunds.com/ .