Newriver Announces Latest Summary Prospectus Index Statistics for Mutual Funds, Variable Annuities and Retirement Funds

Share Article

Recent Index Shows Spike in Variable Annuities’ Sub-Fund Filings

News Image
The recent Index numbers clearly show that the variable annuity market is primed to reap significant cost savings by reducing print and postage

NewRiver, Inc. – creators of the leading central repository of mutual fund documents and data for financial services firms – today announced the most recent statistics for the NewRiver Summary Prospectus Index(SM), including results for variable annuities and retirement funds. The Company’s Indexes are a complimentary service which tracks all summary prospectus filings on the Securities and Exchange Commission’s (SEC) EDGAR database. Firms offering or selling variable annuities, retirement services and mutual funds can actively monitor ongoing summary prospectus adoption within their respective industry.

The most recent Index statistics through April, 2010 indicate that the growth within the Variable Annuity market is staggering; summary prospectuses are now available for more than 29,000 sub-fund options, up from 2,509 in March. Additionally, there are more than 3,000 variable product contracts that have at least one sub-account with a summary prospectus document. The number of standalone summary prospectuses for retirement funds rose to 45 percent from 37 percent in March, while adoption for mutual funds continues to grow. Now, there are more than 4,300 mutual fund summary prospectus documents available for stand-alone delivery. Monthly Index findings are available by visiting .

"The recent Index numbers clearly show that the variable annuity market is primed to reap significant cost savings by reducing print and postage,” states Russ Planitzer, CEO and Chairman of NewRiver, Inc. “With an average savings of $10 per contract holder a year, insurance companies and their fund partners could provide a windfall of over $220 million if they continue to adopt the summary prospectus.”

About NewRiver Offerings
NewRiver supports retirement plan providers and mutual fund companies with summary prospectus compliance efforts through its Prospectus Express solution. Prospectus Express adheres to the SEC’s compliance requirements by enabling firms to deliver the Summary Prospectus in either print or electronic format, and by its ability to make the longer “statutory” prospectus available to investors within a mouse click via its patented layered disclosure capabilities. For insurance carriers, NewRiver offers Variable Products Express, which allows carriers to host their contracts and related fund compliance documents and assures these documents mirror those found on the SEC’s EDGAR system. As a result, insurance carriers can provide their customers with immediate access to all required compliance documents without having to re-direct the contract owner to the various fund company’s web sites.

About NewRiver, Inc.
NewRiver develops innovative technology solutions that help financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors millions of data points from over 25,000 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website or call 978-247-7200.

Media Contacts:
Chris McCoin or Richard Smith
McCoin & Smith Communications Inc.
508-429-5988 (Chris) or 978-433-3304 (Rick)
chris(at)mccoinsmith(dot)com or rick(at)mccoinsmith(dot)com


Share article on social media or email:

View article via:

Pdf Print

Contact Author

Chris McCoin
McCoin & Smith Communications Inc.
Email >

Richard Smith
McCoin & Smith Communications Inc.
Email >
Visit website