Issue: 1200 Date: 8/22/2013
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Edward Jones entering mutual fund business
Brokerage firm Edward Jones is getting into the proprietary-investment-product business.
The firm, which used to sell mutual funds sponsored by other companies, now plans to create its own using its recently introduced registered investment adviser platform, Edward Jones Advisory Solutions.
The platform was introduced in 2008 and has grown to be the fourth largest mutual funds advisory program in the country with more than $95 billion in client assets under management, spokeswoman Regina DeLuca-Imral told the Business Journal.
The new mutual funds will be available only to the firms' clients that invest in Edward Jones Advisory Solutions, and will not be available to brokerage clients or to clients of other firms. The new fund is expected to launch in September.
Des Peres-based Edward Jones reported second-quarter net income of $172.1 million on net revenue of $1.42 billion. The company is led by Managing Partner Jim Weddle and had 12,786 financial advisers as of June 28.