NEWS SCAN
Broadridge Finalizes Bonaire Deal
Broadridge Financial Solutions last week closed its acquisition of Bonaire Software Solutions, a provider of fee calculation, billing and revenue and expense management solutions for institutional asset managers, wealth managers, mutual funds, bank trusts and hedge funds.
Terms of the transaction were not disclosed.
Bonaire will operate as part of Broadridge's mutual fund and retirement solutions group, with current management remaining at the firm and reporting to Gerard Scavelli, president, Mutual Funds and Retirement Solutions Group, Broadridge.
Smead Value Fund 'In Third Inning'
Smead Capital Management announced that its Smead Value Fund (SMVLX, SMVMX) recently gathered $100 million on its way to $400 million in assets under management, as a result of partnerships with RIA's and brokerage firms.
The 5-star rated fund is a large-cap open-end mutual fund that was launched on Jan. 2, 2008. It is up 19.8% year-to-date through June 30 versus 13.8% for the S and P 500.
Citi Snags ETF Custody Mandate
Citi has been appointed by Mirae Asset Global Investments to provide fund administration, custody and index receipt services for a new exchange-traded fund platform in the U.S. under the Horizons brand.
The first ETF, the Horizons S and P 500 Covered Call ETF (HSPX) launched on June 24 and will be followed by a series of sector ETFs.
RESEARCH
Bond Funds Continue Losing Streak
Inflows to long-term mutual funds were $1.28 billion for the eight-day period ending Wednesday, July 10, according to the Investment Company Institute.
But bond funds' woes continued losing $8.10 billion, compared to estimated outflows of $5.98 billion during the previous week.
Bond, Stock Mutual Fund Assets Diverge in June
Bond funds netted redemptions of $59 billion (excluding exchange-traded funds) last month, according to Strategic Insight.
The most significant net redemptions (as percent of assets managed) were experienced among high-yield corporate, high-yield tax-free, GNMA, TIPs, emerging market debt, and long- and intermediate duration U.S. government bond funds.
On the contrary, stock funds continued to attract net inflows in June, setting a new flows record for intake at $158 billion. The previous record for first half stock fund flows was set in 2004 with $155 billion, according to SI.
PRODUCTS
Blackstone Offers Mutual Fund to Retail Investors
Blackstone Group, the world's largest manager of alternative assets, is starting a mutual fund that will invest in hedge funds, part of an industry-wide push to attract assets from individual investors.
Money Management Executive previously reported on Blackstone's maiden mutual fund offering.
Guggenheim Fires Up Two New BulletShares ETFs
Guggenheim Investments has launched two new BulletShares ETFs: Guggenheim BulletShares 2021 Corporate Bond ETF (BSCL) and Guggenheim BulletShares 2022 Corporate Bond ETF (BSCM).
The Guggenheim BulletShares line-up currently consists of 16 fixed-income defined-maturity corporate bond and high yield corporate bond ETFs.
M.D. Sass Adds Equity Mutual Fund
M.D. Sass is looking to build out its fledgling mutual fund family with the launch of the M.D. Sass Equity Income Plus Fund (MDEIX, MDEPX), which bets on a diversified portfolio of dividend paying common stocks.
Martin Sass, the firm's founder, is the lead portfolio manager of the fund.
Michigan Firm Mints Gold Mutual Fund
Bloomfield, Mich.-based Flexible Plan Investments has launched The Gold Bullion Strategy Fund (QGLDX), which the firm is touting as the industry's first gold bullion fund offered to retail investors through a mutual fund product.
The fund will bet on gold bullion exchange-traded funds and derivatives as well as investment-grade corporate notes and bonds. Flexible Plan and Advisors Preferred serve as sub-advisor and advisor to the fund, respectively. George Yang, director of research at Flexible Plan, is the fund's portfolio manager together with Jerry Wagner, president of Flexible Plan.
USAA Expands Mutual Fund Lineup
USAA Investments has added two new mutual funds to its lineup.
The firm has launched the USAA Target Retirement 2060 Fund, the sixth fund in the USAA Target Retirement Funds suite. Also, the firm has launched the USAA Flexible Income Fund, which will primarily bet in bonds as well as in preferred and common stocks.
ARRIVALS
Collins Capital Adds New Director
Alternative mutual fund shop Collins Capital has appointed Casey Wamsley as a director, focusing on both the mutual fund and limited partnership businesses of Collins Capital. He will work closely with Dorothy Weaver, the co-founder, chief executive officer and chief investment officer of the firm.
Wamsley most recently served as founder and president of Phoenician Capital, where he specialized in alternative investment consulting to RIA firms and institutional clients.
Highland Expands External, Internal Sales Units
Highland Capital Management has hired six regional sales directors in the Pacific Northwest, Florida, North Texas, Long Island, the Midwest and Southeast, and expanded its sales team at its home office in Dallas.
In addition, Highland has also relocated and expanded its internal sales team to its home office in Dallas, adding seven new members to the team led by Justin O'Brien, formerly of Fidelity Investments.
Eaton Vance Expands Offshore Retail Sales Unit
Eaton Vance has hired Vincent Leon as director of offshore sales, reporting to John Moninger, managing director, retail sales. Leon hails from 3D Asset Management where he served as national sales manager.
BMO Boosts Institutional Sales, Custody Units
BMO Global Asset Management is expanding its institutional sales and trust and custody units with the addition of Sean Curry as a relationship manager, consultant relations, and Kimberly Palleon as manager for trust and custody services.
Curry will provide dedicated relationship management to investment consultants based in the Central and Eastern U.S. Palleon will oversee the Trust and Custody relationship management team.
