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Article: Is the bloom off the rose for American Funds? In current market, firm's fixed-income aversion makes its products a harder sell, advisers say.(News)
- Article from:
- Investment News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Hoffman
The love affair financial advisers have enjoyed with American Funds has cooled.
Although advisers once made American Funds the biggest mutual fund family by long-term fund assets, driving assets to more than $1.19 trillion in October 2007, growing adviser discontent threatens to push the fund group into third place. Funds from American Funds are generally sold through advisers.
American Funds' total long-term fund assets stood at $880 billion at the end of September, placing it second behind The Vanguard Group Inc., with $1.01 trillion, and ahead of Fidelity Investments, with $709 billion.
During the third ...