Financial Services Industry
Industry: Email Alert RSS FeedFund supermarket wars heat up
Kiplinger's Personal Finance Magazine, July, 1998
A strategy is emerging among no-load fund companies to keep their investors from owning shares via no-fee accounts at Charles Schwab or other discount brokers: Offer the same funds yourself. The discounters charge fund companies fees and don't divulge the names of investors. Scudder's new plan is the boldest. Provided you invest $100,000, you may purchase more than 2,000 no-load funds--including the full menu of Fidelity, T Rowe Price and Vanguard funds--with no transaction fee (call 800-553-6360 for details).
In joining the fray, Scudder follows the lead of these other no-load fund sponsors:
American Century (800-345-2021) offers more than 1,300 funds for a minimum transaction fee of $35, and 700 funds without fees.
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Dreyfus (800-843-5466) customers with a Lion Account, which requires an investment of at least $10,000, can buy more than 2,000 funds for a $35 fee, and 800 funds without a fee.
Fidelity (800-544-8888), through its discount brokerage, offers more than 400 funds for a minimum fee of $35, an 820 funds without a fee.
T. Rowe Price (800-225-5132) offers 300 funds for a $35 fee, and another 500-plus funds without a fee.
USAA plans to open a program this year with 836 funds--423 with no fee, and the remainder for $35. Vanguard (800-635-1511) makes 400 funds available for a $35 fee.
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