Forward Management, the advisor to the funds, said that it would report weekly on the daily fund flows so that investors "can review the investments and redemptions" made every day. In addition, the transactions by senior management will be listed quarterly.
President J. Alan Reid, while saying "2003 was a trying time for the mutual fund industry, but an even more challenging time for individual investors," added "Forward Funds and Sierra Club Funds remain unscathed due to our long-standing vigilance and high standards."
He characterized the move as "exciting," saying "theres always room for improvement."
Throughout New York Attorney General Eliot Spitzers and the Securities and Exchange Commissions widening probe into fund practices, disclosure of information on a more timely basis has been a key issue.