IBJ Funds Trust, the proprietary fund family of IBJ Whitehall Bank & Trust Company in New York, is asking investors to approve a management fee increase and the installation of a 12b-1 distribution fee on three of its proprietary mutual funds. The changes pave the way for IBJ to sell its no-load funds in the future through financial intermediaries, such as broker/dealers and financial planners. The funds are currently sold directly to investors at net asset value and through Accutrade, an online and multimedia stock trading company, according to Morningstar of Chicago.
IBJ Whitehall, which changed its name in January 1999 from IBJ Schroder Bank & Trust Company, is a wholly-owned subsidiary of the Industrial Bank of Japan, Ltd., a commercial bank headquartered in Tokyo. IBJ manages $7 billion in the U.S.