Safeco Mutual Funds has signed an agreement with FT Interactive Data to use the financial information provider's Fair Valuation Service. The service, which FT Interactive calls the first of its kind, combines its fair-value methodology, historical data and a support infrastructure to provide fund families with tools to perform fair valuations in global markets to meet the guidelines of the Securities and Exchange Commission.
"FT Interactive Data's Fair Valuation Service gives us the ability to fair value equities in all Pacific and European time zones during times of significant market volatility," said Dave Longhurst, vice president and controller of Safeco Mutual Funds.
"As a result, we are preserving the integrity of our mutual funds and protecting the long-term investor from the harmful impact of market timers," he said.
In addition to Safeco, the boards of directors at seven other fund companies have approved use of the new valuation service, according to FT Interactive. More than 24 fund companies are currently testing it.