Van Kampen Changes Asset-Pricing Methods
In the wake of criticism over the way it determined the asset values of its bank-loan funds, the company says it will start using a pricing method that pays closer attention to the market.
Van Kampen Investment Advisory, which has been criticized for the way it prices the shares of the bank loans it holds in its mutual-fund portfolios, said Monday it will change those methods for its three senior-loan funds.
The mutual-fund manager said it would start using market indicators supplied by Loan Pricing Corp., an outside service, to help calculate the net-asset values of Van Kampen Prime Rate Income Trust, Van Kampen Senior Floating Rate Fund, and Van Kampen Senior Income Trust. Van Kampen is based in Oakbrook Terrace, Ill., and is a unit of Morgan Stanley Dean Witter (MWD).
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.