Dreyfus Corp. announced the results of an initial public offering of 53.35 million shares of the Dreyfus High Yield Strategies Fund. Shares were priced at $15 a piece, raising $800 million dollars. The closed-end fund seeks high current income.
The average expense ratio of the 94 mutual funds administered by Vanguard Group fell almost 4% in 1997, resulting in $800 million in savings to its defined contribution plan clients.
The drop in the average expense ratio from 0.29% to 0.28% last year of average net assets brought Vanguard's expenses even further below those of the rest of the industry. The mutual fund industry's average expense ratio jumped up to 1.24% in 1997 from 1.21% in 1996, according to Lipper Analytical Services.