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Bank Mutual Corporation latest news:
SEC fines SunTrust $1.1 million for steering customers to high-fee mutual funds
The Securities and Exchange Commission settled charges against the investment services subsidiary of SunTrust Banks [s:sti] on Thursday for charging clients more than $1.1 million in excessive fees for more expensive shares mutual funds when cheaper shares of the same funds were available. SunTrust breached its fiduciary duty to act in clients' best interests by recommending the costlier mutual fund share classes that charge 12b-1 fees, a type of marketing and distribution fee, without telling investors that they were eligible for less costly shares. SunTrust Investment Services agreed, without admitting or denying the findings, to pay a penalty of more than $1.1 million to settle the charges. SunTrust also began refunding the overcharged fees plus interest to more than 4,500 affected clients as a result of the SEC investigation. The firm also agreed to be censured.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Drop in bank deposit rates to make mutual funds attractive
The reduction in interest rates on savings deposits is an opportunity for mutual funds (MFs) to popularise their low-risk debt offerings, says rating agency Icra.A month ago, State Bank of India (SBI) announced a 50 basis points (bps) reduction in the interest rate on savings deposits, of less than Rs 1 crore million to 3.5 per cent. Following SBI's lead, many other public and private sector banks have reduced the interest rates on saving deposits."This is expected to create an opportunity for liquid mutual funds to tap into retail savings, by providing an avenue for parking surplus liquidity while earning a premium over savings rate," said Icra in a release.At present, mostly corporates and institutional investors park their surplus cash in low-risk MF products such as liquid schemes. With the savings rate going down, liquid funds "could gain prominence as an alternative tool" for retail investors, says Icra. "Liquid schemes have reported annualised returns in the range of 6.5 per ...
BRIEF-CIBC Asset Management to waive portion of management fee or absorb certain expenses, or both, on additional 48 ...
Canadian Imperial Bank Of Commerce(CM). * Cibc asset management lowers fees and simplifies product lineup for canadian investors. * Cibc asset management - implementing management fee reductions of up to 40 bps on 18 funds across mutual fund and private pool lineup effective sept 1, 2017.
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