Neuberger Berman Group has announced it will begin offering a zero-sales-charge share class.
Seven Neuberger Berman funds will now offer R6 shares for seven of its mutual funds.
The funds to offer the new retirement share class include: NB Emerging Markets Equity; NB Genesis Fund; NB High Income Bond Fund; NB Mid Cap Growth Fund; NB Real Estate Fund; NB Socially Responsive Fund; and NB Strategic Income Fund.
The new R6 shares will be offered at net asset value without front-end sales charges, contingent deferred sales charges (CDSC) or 12b-1 fees. They were made available for purchase as of March 15.
Neuberger joins a host of providers opting for these low cost options for retirement plan sponsors and participants. Other firms that have gone the R6-share route in the last year include Putnam Investments, JPMorgan Asset Management and John Hancock Funds.
Neuberger managed $19 billion in defined contribution plan assets as of Dec. 31, 2012.