Mellon Financial Corp. of Pittsburgh will be adding a second "investor" class of shares to all 13 no-load mutual funds offered to clients of Mellon's private asset management division beginning July 11.
Mellon's private asset management division in Boston, caters to wealthy individuals and families with $1 million or more in investable assets.
The new investor share class would be similar to the original class of shares but would carry a 0.25 percent annual 12b-1 fee. The new share class would only be available to Mellon private asset management clients who terminate their relationship with Mellon or Boston Safe Deposit and Trust Company, a Mellon subsidiary, but who want to maintain their fund investments.
The creation of a second class of shares was announced in a May 11 prospectus amendment filing.
Each funds' original share class will be renamed MPAM shares. Total current assets under management in the MPAM Funds are $7.5 billion, said a Dreyfus spokesperson.
The MPAM Funds were created late last year as a separate mutual fund family advised by MPAM Advisers of Boston, a division of The Dreyfus Financial Corp. of New York. Dreyfus is a subsidiary of Mellon Financial Corp., also of Pittsburgh.
The MPAM Funds were created by the conversion of common trust funds into mutual funds and were introduced Oct. 2, 2000.
