T. Rowe Price of Baltimore, Md. has recruited Salomon Smith Barney of New York to sell 10 of its new advisor share class funds, said Stephen Norwitz, a spokesperson for T. Rowe Price.
T. Rowe Price is currently negotiating a similar deal with another brokerage firm, but Norwitz declined to name the firm.
The funds will be offered through two of Salomon Smith Barney's wrap programs - TRAK Personalized Investment Advisory Service and AssetOne. The programs are fee-based advisory services offered through 11,400 Salomon Smith Barney financial advisors. The funds T. Rowe Price is including in the programs are: Blue Chip Growth Fund, Equity Income Fund, Mid-Cap Growth Fund, Science & Technology Fund, International Stock Fund, Small-Cap Stock Fund, Small-Cap Value Fund, Value Fund, High Yield Fund and International Bond Fund.
T. Rowe Price introduced the new share class for the funds earlier this year as part of an effort to increase distribution through variable annuities, defined contribution plans and wrap programs, Norwitz said. (MFMN 2/28/99) The share class carries a 25 basis point 12b-1 fee.