ABN AMRO Funds said is launching the ABN AMRO High Yield Bond Fund, a new fund aimed at providing investors with interest income and capital appreciation.
"ABN AMRO has been successfully managing a high yield product for its private and institutional clients, so it was a natural progression to offer a mutual fund to a wider audience based on the same time-tested strategy," said Kenneth Anderson, president and chief exec of the firm. "By adding a high yield product to the other funds we offer, we give our shareholders another option for diversifying their portfolios."
Under normal circumstances, the fund will invest at least 80% of net assets in high yield bonds, also know as junk bonds, and will be managed by Todd Youngberg and Charles Ullerich. The fund is available in Class I and N shares are have no sales loads or exchange fees. The minimum initial investment for Class N shares is $2,500 and $1 million for I shares.