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Scudder Kemper Cleans House by Merging and Closing Funds

Scudder Kemper Investments plans to overhaul its selection of funds, merging its AARP and Scudder Funds to reduce costs and attract assets.

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Scudder Kemper Investments, in a restructuring designed to reduce expenses and attract more assets, plans to slash the number of mutual funds it sells directly to investors.

The Boston-based unit of Swiss conglomerate Zurich Financial Services Group will combine 43 of its Scudder and AARP mutual funds, discard the AARP name altogether, and create a single board of trustees to oversee the combined offerings. Currently the family has several boards for the Scudder funds and one board for the offerings it subadvises for the American Association of Retired Persons. Overall the changes will pare the number of Scudder's retail funds from 77 to 43, the company said.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.