MainStay Investments is now offering many of its mutual funds as a non-revenue share class (R6 Shares).
The new R6 Shares offer pricing structures that are more aligned with the retirement plan market and will be available on 17 June 2013 for the following funds:
MainStay Epoch Global Equity Yield Fund
MainStay High Yield Corporate Bond Fund
MainStay ICAP Select Equity Fund
MainStay Large Cap Growth Fund (reopened to investors in the DCIO channel earlier this year)
MainStay Marketfield Fund
"The announcement of the R6 share class reflects our commitment to offering MainStay funds to the DCIO market,” says Tom Smythe, director and head of New York Life’s defined contribution investment-only (DCIO) channel. "By allowing qualified plan sponsors to separate investment management fees from record-keeping and administrative fees, the R6 share class broaden the number of qualified plans that can offer MainStay funds."
MainStay’s new R6 Shares will be offered at net asset value without front-end sales charges, contingent deferred sales charges or 12b-1 fees and are available for purchase from 17 June 2013.
"The long-term approach and multi-boutique structure that are hallmarks of MainStay funds make them ideal for many Americans who are looking to invest for retirement," says Stephen Fisher, president of the MainStay funds. "We are delighted to take this step forward in making MainStay funds available to more plan participants."
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