Nationwide Funds Group today
According to Michael Spangler, president of Nationwide Funds Group, redemption fees were originally imposed to deter market timing and late trading in mutual funds. However, he said that the firm "has made a number of advances in an effort to detect and reduce excessive trading, short-term trading or market timing activity” leading to the elimination of redemption fees in Nationwide funds.
King of Prussia, PA-based Nationwide Funds Group is the mutual fund arm of Nationwide Financial Services, Inc. The firm managed some $43 billion in assets in sub-advised mutual funds as of March 31.