INVESCO Funds of Denver is asking shareholders of ten of its variable insurance funds to approve its termination of the management fee breakpoints which reduce the annual management fees INVESCO charges on each fund as assets under management increase.
The request to remove the management fee breakpoints was disclosed in an April 10 proxy statement.
INVESCO is making the request for many reasons, the proxy said. But the main reason is to bring these ten portfolios in line with INVESCO's three newer variable annuities portfolios.
INVESCO has three other variable annuity funds which were introduced in the fall of 1999, which charge a flat management fee. These include a telecommunications fund, a financial services fund and a market neutral fund, all of which are part of the INVESCO Variable Investment Funds family.
"We are bringing our older products up to speed with our new products, to be competitive from an annuity standpoint," said Laura Parson, an INVESCO spokesperson. INVESCO makes its variable investment product funds available for use by several insurance companies which offer variable annuity and variable …