Van Kampen delivers a blow to reps; Drops sales load on funds in 403(b)s.(News)

From: Investment News | Date: June 6, 2005 | Copyright information

Byline: Bruce Kelly

NEW YORK - In a surprise move, Van Kampen Investments Inc. recently told broker-dealers that it is eliminating the sales load that registered representatives collect when selling mutual funds in retirement accounts designed for employees of non-profit institutions such as public schools.

Industry observers said that it often takes extensive, time-consuming legwork for reps to build up such accounts in such retirement plans, called 403(b)s, because the investments are sold individually rather than through a group, as is the case with 401(k) plans.

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