Phoenix Investment Partners, the $56 billion Hartford, Conn.-based asset management subsidiary of The Phoenix Companies, has launched two new asset allocation mutual funds that are noticeably lacking back-end loaded B shares. Phoenix is only offering A and C shares for purchase on the funds, which debuted Aug. 1.
"The majority of our sales are in the more fee-based classes," said Phoenix spokeswoman Sharon Bray. She notes that B shares sales at the fund firm have dropped dramatically over the past few years. "It doesnt make sense to add a share class that isnt in demand," she added.