In response to client demands for increased transparency and flexibility in the retirement plan marketplace, Neuberger Berman Group has introduced retirement share classes (R6 Shares) for seven of its mutual funds.
The new R6 Shares offer a lower cost option to retirement plan advisers and their plan sponsor clients and will initially be available for the following funds: NB Emerging Markets Equity; NB Genesis Fund; NB High Income Bond Fund; NB Mid Cap Growth Fund; NB Real Estate Fund; NB Socially Responsive Fund; and NB Strategic Income Fund.
The new R6 Shares will be offered at net asset value (NAV) without front-end sales charges, contingent deferred sales charges (CDSC), or 12b-1 fees and are available for purchase on 15 March, 2013.
Neuberger Berman currently manages USD19bn in defined contribution plan assets as of 31 December, 2012.
"We understand the many issues facing our plan sponsor clients and their underlying participants. To address the need for fee transparency, we are excited to add these share classes to some of our best performing and in demand mutual funds," says Scott Kilgallen, managing director of the financial institutions group at Neuberger Berman. "We are also looking to add more R6 Shares to our mutual fund line-up over time.”
