Stein Roe & Farnham expects to be the first to offer a floating-rate bank loan fund in the no-load channel. The Stein Roe Floating Rate Income Fund is currently in a pre-subscription period which ends December 18. It will be offered to the general public soon after that.
The fund invests in the relatively new bank loan asset class which, in the last 10 years, has commanded increased attention from fund sponsors, financial intermediaries and investors. This past June, Van Kampen brought in $1.8 billion when the Van Kampen Senior Income Trust was introduced.