Brown Brothers Harriman Trust, based in New York City, launched the BBH Core Select mutual fund in 1998 as a small trailer fund to help younger members of its wealthy families manage smaller sums.

Business has been so good at the fund that BBH cut the net expense ratio on the Core Select mutual fund to 1.0%, from 1.19%, BBH Trust said on Monday. The gross expense ratio, 1.21%, remains the same. With about $330 million in assets under management, Core Select has grown about five fold since it was first launched 12 years ago, said Michael Keller, a co-manager on the fund.

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