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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