To date, thirteen fund companies including American Funds, Nuveen Funds and Van Kampen Funds have filed summary sections within 58 statutory prospectuses. In addition, 3 fund companies including Embarcadero Funds, Diamond Hill Funds and Guinness Atkinson Funds have filed 18 standalone summary prospectuses. The Index will be of interest to mutual fund firms and intermediaries who will ultimately benefit from the summary prospectus rule through reduction in costs associated with traditional print delivery, as well as investors who are eager for simplified fund comparisons.
âCongratulations to the early adopters for taking the lead in improving investor disclosure. We expect to see an acceleration of summary prospectus filings as more and more fund firms realize the advantages it brings to both their firms and their customers,â said Len Driscoll, Chief Client Officer of NewRiver, Inc. âFirms are eager to have smaller documents that are printed on demand, rather than stored as inventory. We have been tracking filings since the rule went live in March, and expect these numbers to grow rapidly.â
This release follows closely on the heels of two recent summary prospectus-related announcements from NewRiver, including the Companyâs release of Prospectus Express 3.0. This solution enables brokerage firms, individual variable annuity providers, retirement plan providers and mutual fund firms to deliver Web access of critical compliance documents at every phase of the investor life cycle in order to maintain compliance with the new summary prospectus rule. Also, NewRiver recently announced a key partnership with Broadridge Financial Solutions, Inc., whereby Broadridge exclusively offers NewRiverâs Prospectus Express and Virtual Document Warehouse products for pre-sales and first-dollar deliveries in the brokerage market. This agreement enables Broadridge to deliver a summary prospectus solution to the brokerage industry that helps its clients meet the requirements of the SECâs rule.