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SSB Citi Launches New Family of Index Funds


by John Spence Monday, November 13, 2000

SSB Citi Asset Management Group, the money management division of Citigroup, announced the launch of 11 new index funds. The new offerings are the first no-load index funds ever to be introduced by SSB Citi, which has two other U.S. mutual fund brands - Smith Barney and Salomon Brothers - that are load-fund families.

 

Fund name Benchmark Index Expense ratio
Citi S&P 500 Index Shares S&P 500 Index
0.34%
Citi US 5000 Index Shares Wilshire 5000 Index
0.48%
Citi US 1000 Index Shares Russell 1000 Index
0.50%
Citi Small Cap Index Shares Russell 2000 Index
0.55%
Citi Nasdaq-100 Index Shares Nasdaq-100 Index
0.55%
Citi International Index Shares MSCI EAFE Free Index
0.65%
Citi Global Titans Index Shares Dow Jones Global Titans Index
0.60%
Citi Technology Index Shares Goldman Sachs Technology Index
0.75%
Citi Financial Services Index Shares Goldman Sachs Sector Index - Financials
0.75%
Citi Health Sciences Index Shares Goldman Sachs Sector Index - Healthcare
0.75%
Citi US Bond Index Shares Lehman Brothers Aggregate Bond Index
0.40%
Source: SSB Citi Asset Management Group

SSB Citi said that it is aware that many fans of indexing prefer the do-it-yourself nature and ease of online transactions. With this in mind, SSB Citi launched a new online investing site, www.mycititrade.com, where the new funds will be available with no service charges. The site also has a prospectus that provides information about the funds in the new CitiFunds Index Series listed above.

"For those investors who prefer to invest all or a portion of their assets directly in mutual funds without sales charges, these funds together with Cititrade offer convenience, low-cost, and a wide range of investment choice," said Laurie Hesslein, Head of U.S. Mutual Funds at SSB Citi.

SSB Citi also announced that it has inked a license agreement with Fortune to launch two new index funds based on the Fortune 500 and Fortune e-50 stock indexes. The new funds will have expense ratios of 0.43% and 0.75%, respectively, and will be launched on November 27.

"We feel the Fortune 500 and Fortune e-50 indexes are powerful benchmarks for investors who desire exposure to large-cap stocks and promising new economy stocks," said Thomas W. Jones, CEO of SSB Citi.

 

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