Oppenheimer Funds of New York has created a new retirement share class, "Class N", that will charge investors an additional 45 basis points to help cover the traditional one percent finder's fee paid to brokers.

The new Class N that Oppenheimer created for the Oppenheimer Main Street Opportunity Fund, as spelled out in a recent SEC filing, is a novel means for a load mutual fund complex to offset the one percent finder's fee, said Geoffrey Bobroff, president of Bobroff Consulting of East Greenwich, R.I.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.