Fund Openings, Closings, Manager Moves: Strong Rethinks Move to Sell Through Brokers

Less than three months after turning to brokers to sell its funds, Strong Funds says it's abandoning its plans to levy a 0.25% marketing fee, known as a 12b-1 fee , on a dozen of its funds, according to papers filed with Securities and Exchange Commission.

A spokeswoman for the company said the firm is working a different plan to woo financial intermediaries and that it would be unveiled in the next six months.

Strong announced on March 2 that it would add adviser classes to 12 of its no-load funds, allowing them to be sold through brokers. The 12b-1 fees would have been used to pay advisers and brokers to sell the funds. ...