IShares pursues a new ETF strategy and branding initiative with a core series of funds for buy-and-hold investors, BBH Core Select nears capacity, and Vanguard rolls out a new TIPS product.
Following last week's announcement that BlackRock would launch a new global long/short equity fund, the firm has filed to launch four additional funds this year.
The first, a multiasset real return fund, will be managed by Philip Green, Michael Fredericks, Lutz-Peter Wilke, and Justin Christofel. The fund will invest in Treasury Inflation-Protected Securities, equities, REITs, commodity-related companies, master limited partnerships, and investment-grade and junk bonds to try to beat inflation. Several firms have launched similar real return funds in recent years, although most have failed to gather significant assets as inflation has been kept at bay.
Continuing its foray into multiasset funds, BlackRock also filed to launch BlackRock Market Advantage. The fund will use a risk-factor approach to allocate among a range of asset classes, including stocks, bonds, derivatives, commodities, REITs, and cash. Ked Hogan, Philip Green, Vincent de Martel, Philip Hodges, and Ugo Montrucchio are listed as the managers.
Last, BlackRock filed to launch two short-term bond funds. BlackRock Short Obligations will be managed by Michael Evan and Richard Mejzak and will invest in U.S.-dollar-denominated investment-grade and short-term fixed- and floating-rate debt securities. BlackRock Ultra-Short Obligations fund will be managed by Thomas Kolimago and Eric Hiatt and will invest in a broad range of money market securities.
iShares Launches 4 New ETFs Targeting Portfolios' Core
IShares, the world's largest exchange-traded fund provider and part of the BlackRock family, is targeting a greater proportion of individual investors' portfolios. The firm is branding a new suite of ETFs to target buy-and-hold investors, adding "Core" to six existing ETFs and launching four new funds under the "Core" suite. Four U.S. equity, three international equity, and three fixed-income ETFs comprise the lineup. The new funds include iShares Core MSCI Total International ETF
As more investment firms look to provide one-stop solutions to meet investors' needs, the move from iShares appears to be following, but stopping just short of, that trend. Instead of providing a packaged solution, the firm is encouraging investors to mix and match various ETFs to build a low-cost portfolio on their own.
In addition, BlackRock and iShares will combine their U.S. retail sales teams and launch a new advertising campaign emphasizing the popularity of their ETFs among investment professionals.
BBH Core Select Set to Close to New Investors
Brown Brothers Harriman & Co. announced it is ready to close BBH Core Select
Brandywine Promotes from Within
Scott Gates is taking an expanded leadership role by becoming co-chief investment officer of Friess Associates, subadvisor for Brandywine
Vanguard Adds New Inflation Protection Product
Vanguard, home of the largest inflation-related fund, Vanguard Inflation-Protected Securities
Janus filed to launch Janus Diversified Alternatives Fund, which will attempt to provide an absolute return with low correlation to stocks and bonds. The fund will use an internal multifactor process to allocate assets among equity, fixed income, commodities, and currency asset classes, tactically allocating assets based on the management's insights. According to the filing, Andrew Weisman and John Fujiwara will manage the fund. Both managers joined Janus in 2012.
Gopal Reddy will join Steven Wymer on Fidelity Advisor Growth Opportunities
Jonathan Sheridan is no longer listed as a portfolio manager on Goldman Sachs Absolute Return Tracker
Margaret Vitrano was added as a comanager of Legg Mason ClearBridge Large Cap Growth
Invesco Balanced-Risk Commodity Strategy
Schwab Premier Income
Lee Munder has been appointed as a new, additional subadvisor on PACE International Emerging Markets Equity
Alger will change the name of Alger Large Cap Growth Institutional
Delaware Investments added Graham McDevitt of subadvisor Macquarie Bank as a portfolio manager on Delaware International Bond
Neuberger Berman filed a preliminary prospectus for Neuberger Berman New York Municipal Income. The Institutional share class will carry an expense ratio of 0.87%, just above the municipal long category average's 0.86%.
ING will liquidate ING Alternative Beta
David Cowan of GMO replaced GMO's Sam Wilderman as the listed portfolio manager of USAA Income Stock USISX. UBS Global Asset Management's Ian McIntosh replaced UBS Global Asset Management's global head of equities, John Leonard, as listed portfolio manager of USAA Growth & Income
Royce plans to liquidate Royce Mid-Cap Service
Effective Dec. 31, Emily Baker will no longer serve as a portfolio manager of MainStay Epoch International Small Cap EPIPX. Eric Citerne, Michael Welhoelter, and William Priest will continue to serve as portfolio managers of the Fund.