Invesco Funds Group of Denver is adding a new class of shares to the majority of its funds. The new class "K" shares are offered to qualified retirement plans, educational savings programs, and wrap programs through an intermediary and include an extra fee, which will be paid to that intermediary, according to a recent SEC filing.
The proposed new share class is the most recent of a series of moves by Invesco to increase its advisor sales. In February, Invesco added a level load "C" class of shares to six equity funds. In March, the company announced that six funds would be added to the three already sold through Salomon Smith Barney of New York (MFMN 3/16/00). Then, in May, Invesco filed for a new group of funds with the SEC called the Invesco Advantage Fund Series Funds, available exclusively through intermediaries (MFMN 5/8/00). Later that month, the company hired six new wholesalers for its broker sales channel (MFMN 5/8/00). Invesco began the year with 12 wholesalers, has added another eight so far this year, and has a goal to have 33 by the end of the first quarter of 2001, according to Suzanne Smith, a spokesperson for Invesco.