A handful of mutual funds closed to new investors are still charging 12b-1 fees, Standard & Poors found. One hundred and thirty nine funds with a total of 232 share classes are charging an average 62 basis point 12b-1 fee. Equity funds charge the highest fee, 65 basis points. Money market funds charge an average 52 basis points in their 12b-1 fees, and fixed-income funds charge an average 48 basis points, S&P said.
Based on the number of closed funds still charging these fees, S&P revealed that the top five investment firms engaging in this practice are Idex Mutual Funds, Invesco Funds, ING Investments, Dreyfus Corp. and General Electric Investment Corp.