Neuberger Berman Adds Redemption Fee to Fund
August 28, 2000
Neuberger Berman Management of New York is adding a two percent redemption fee on its Neuberger Berman International Fund for all shares redeemed after 180 days, according to an SEC filing August 15.
The redemption charge will apply to any shares purchased after Sept. 11. The fee is designed to offset increased costs of transaction and administrative costs associated with short-term trades, the filing said.
The fund will not charge redemption fees on any shares purchased through reinvestment of dividends or other fund distributions. Certain retirement plans and shares that were purchased through an advisor that imposes his own fee or has a policy to deter short-term trading will also be exempt from the fee, according to the filing.