SEC Permits BlackRock, JPMorgan to Offer Dual-Share-Class Funds

The US Securities and Exchange Commission is permitting dozens of asset managers including BlackRock, JPMorgan, Fidelity and State Street to offer multi-share class funds.

• Asset managers have been seeking permission to offer ETF share classes of mutual funds or vice versa
• The securities regulator will grant exemptive relief to applicants unless the SEC orders a hearing, according to a notice
• The relief was largely expected after Dimensional Fund Advisors was permitted to use dual-share-class funds several months ago
• F/m Investments, PIMCO, Morgan Stanley, DWS also received exemptive relief
• SEC’s green light could be big a win for asset managers seeking ...