would say, the case is solved.
James Gendelman will run
Marsico International New Opportunities
, the new all-cap international growth fund slated for a June or July launch, according to paperwork filed with the
Securities and Exchange Commission
Wednesday. In March, Denver-based
Marsico Capital Management
registered the fund but didn't disclose its manager.
Gendelman joins the firm from
, where he'd spent the past 13 years with the international sales unit. Previously, he worked as an accountant with
Ernst & Young
. The filing doesn't note any prior fund management experience. For more details on the fund, see
A Sweetened Pioneer
bought for a fat premium two weeks ago by
, is offering brokers a sweetened deal of its own this summer.
Through Aug. 31, Boston-based Pioneer is boosting the commission it pays to brokerages that sell class A shares of its 24 funds, according to paperwork filed with the SEC. So when investors pay the maximum 5.75% and 4.5% sales charges on stock and bond funds, respectively, that means Pioneer is paying out an extra 0.5% to 0.75% to participating brokerages.
The practice is called full dealer reallowance. While it's fairly common --
offering boosted payouts on two of its sector funds -- few investors are aware of it unless they are in the habit of combing through regulatory filings.
Pioneer also will pay firms an extra 0.5% on class B share sales through Aug. 31, and may pay some firms additional commissions based on firm-wide sales of Pioneer funds over a given period, according to the filing.
In addition, the filing says Pioneer also may pay "cash and other incentives" to firms for selling Pioneer funds. These incentives may include paying for sales and training programs for brokers and educational seminars for their clients.
Most investors are unaware of these types of promotional offers because they don't impact sales charges and most often are disclosed in obscure filings, like a fund's SAI, or statement of additional information, or occasional supplements to a prospectus, as in this case.
Critics say that offering boosted payouts and other promotions could create a conflict of interest, in which some less-scrupulous brokers might sell a fund for its higher payout rather than its quality and suitability for meeting a client's needs.
American Century Sign-up Periods Begin
Investors can start putting money in
funds starting Thursday, even though the funds don't launch until the end of June.
During the prelaunch subscription period, investors can reserve launch-day shares in the funds at $5 each through American Century or online broker
. When the subscription period ends on June 29, the pledged dollars are collected and given to the funds' managers, who build the portfolio.
biotech fund on March 13 and the
tech fund on March 22.
Fund Openings, Closings, Manager Moves.