Alliance Shareholder Communications has launched a Mutual Fund Asset Retention Program. The service assists mutual funds convert potential abandoned property into live active accounts. The program keeps assets in the fund instead of submitting them to the states as abandoned property while satisfying SEC rule 17ad-24 requirements.
Many funds escheat millions of dollars each year to the different states as abandoned property, losing hundreds of accounts in the process. Since funds are measured by the amount of assets under management, needlessly decreasing that number each year through abandoned property filings can be very frustrating and counterproductive to a fund.
Alliance has a customize program to research and locate these accounts and determine if the holder is deceased or has simply lost track of their asset. Location is only part of the problem. After the holder or their heirs have been located, getting the account holder to act and reactivate their account is where Alliance stands above the competition. Alliance’s proprietary and easy to understand documents and a research and telephone staff with decades of experience dealing with shareholders guides the holder back into the fund.
The Asset Retention Program can help eliminate a significant portion of the needless decrease in assets under management and help keep a fund’s assets in the fund where they belong.