AIM Distributors has added a new R share class to 21 of its mutual funds. The R shares are no load and carry a 12b-1 fee of 50 basis points to compensate registered representatives selling AIM funds to small and medium defined contribution plans.
Michael Cemo, president and CEO of AIM Distributors, defines the small to medium plan market as those with $1 million to $5 million in assets. He expects that larger plans will continue to use A shares.
"We've had an institutional share class that had no 12b-1 fee that we thought would be useful, but we found the intermediaries wanted a fee," said Robert Graham, CEO of AIM Management Group.