Lord Abbett cuts fees on three funds

Lord Abbett & Co. LLC has lowered the front-end sales charge on three of its short-term, fixed-income mutual funds to 2.25%, from 3.25%. The funds are Lord Abbett’s Floating Rate Fund (LFRAX), the Short Duration Income Fund (LALDX) and the Intermediate Tax-Free Fund (LISAX). “The changes the firm implemented will, hopefully, better enable investors to take advantage of opportunities in [the short-term, fixed-income] segment of the bond market and provide them with a more attractive investment option,” said Lord Abbett partner and fixed-income strategist Zane Brown in a statement. The Jersey City, N.J.-based money manager has been managing municipal bonds since the early 1980s and currently oversees roughly $9 billion in tax-free mutual funds and separately managed accounts. The charges were reduced as of April 3.