SSB Citi Asset Management Group of New York has introduced its first-ever family of no-load index funds. The family is comprised of 11 index funds. Two other index funds, pegged to the FORTUNE 500 and FORTUNE e-50 stock indexes - the Citi FORTUNE 500 Index Fund and the Citi FORTUNE e-50 Index Fund - are expected to be offered to investors beginning Nov. 27.
The two FORTUNE funds are the first open-end index mutual funds to be based on the FORTUNE 500 and the FORTUNE e-50, according to Edward F. Giltenan, a company spokesperson.
All the funds will be available with no sales charges on Citigroup's new online investment service, Cititrade (mycititrade.com), which was launched last week.
Cititrade is a new stand-alone online discount direct brokerage service. Investors can use the site to buy and sell stocks, mutual funds, options, CDs, bonds, unit investment trusts and variable annuities, the company announced. Customers will be able to invest either online or through the Cititrade client service center which will operate 24 hours a day, 7 days a week, the company said.
Customers must have a Cititrade account in order to invest in the new index funds, according to a Cititrade client service representative.