NEWS SCAN
ING Sets IPO Price
ING announced that the share price on its IPO will be between $21.00 to $24.00 per share for a maximum of 64,166,667 shares of common stock offered. The offering will consist of a primary component offered by ING U.S. and a secondary component offered by Netherlands-based ING Group.
In total, the offering is expected to equal between $1.4 billion and $1.5 billion, which includes $600 million in primary proceeds for ING U.S. This will reduce ING Group's ownership in ING U.S. to 75% immediately following the IPO.
Vanguard Funds Swap Benchmarks
The Vanguard Group is swapping target benchmarks for nine of its funds.
The funds affected include the Mega Cap Growth Index Fund, the Mega Cap Value Index Fund, the Growth Index Fund, the Value Index Fund, the Mid-Cap Growth Index Fund, the Mid-Cap Value Index Fund, the Small-Cap Growth Index Fund, the Small-Cap Value Index Fund and the Developed Markets Index Fund.
ING Treks Towards New Brand
ING is embarking on a rebranding voyage. Following an initial public offering, the company will rebrand to Voya Financial.
ING U.S. filed for an initial public offering in November and said last week that it expects to gross some $600 million from the IPO, according to Bloomberg. Morgan Stanley, Goldman Sachs Group and Citigroup are leading the sale. The firm plans to list on the New York Stock Exchange.
Nationwide Fund Dumps Aberdeen, Diamond Hill
The Nationwide Fund (NWFAX) is firing two sub-advisors and hiring another one to take their place.
On March 28, the Board of Trustees of Nationwide Mutual Funds approved the termination of Aberdeen Asset Management and Diamond Hill Capital Management as sub-advisors to the Nationwide Fund, to be replaced by HighMark Capital Management, effective June 17, according to a filing.
Sentinel Liquidates Mid-Cap II Fund
Montpelier, VT-based Sentinel Investments has liquidated its Sentinel Mid Cap II Fund (SYVCX)and transferred all of the fund's assets into the Sentinel Mid Cap Fund (SNTNX), effective April 12.
A spokesperson for the firm was not immediately available to comment on the liquidation.
RESEARCH
Mutual Funds Gain $4.8 Billion
Total estimated inflows to long-term mutual funds were $4.83 billion for the week ended Wednesday, April 10, according to the Investment Company Institute.
Equity funds experienced estimated inflows of $1.63 billion for the week, compared to estimated inflows of $1.25 billion in the previous week.
Hybrid funds had estimated inflows of $1.36 billion for the week, compared to estimated inflows of $1.15 billion in the previous week.
And bond funds took in an estimated $1.85 billion, compared to estimated inflows of $6.43 billion during the previous week.
PRODUCTS
BMO Readies Target-Date Funds
BMO Asset Management U.S. is furthering its reach into the retirement market.
The firm is currently prepping a slate of target-date funds to launch within the next few months. The BMO Target Retirement Funds will range from 2010 to 2050 with operating expenses ranging from 92 basis points to 157 bps. The portfolio managers are John Boritzke, Sandy Lincoln, and Alan Schwartz.
TIAA Offers Diversified Global Equity Fund
TIAA-CREF has launched the TIAA-CREF International Opportunities Fund (TIOIX, TIOTX, TIOSX, TIOPX), which it touts as the company's first actively managed mutual fund focused on international stocks in both developed and emerging markets.
The new offering bets on companies "that are in the early stages of redefining themselves or their industries, such as leaders in software development, cable services for developing markets, and well-financed equipment companies, among others," according to the firm.
Guinness Preps Dividend ETF
Guinness Atkinson Asset Management last week disclosed in a regulatory filing its first proposed exchange-traded fund: a dividend offering. Money Management Executive previously reported on the firm's ETF initiative.
According to the filing, the Guinness Atkinson Dividend Shares fund will be benchmarked to an undisclosed global benchmark, which tracks developed and emerging market dividend-paying companies that meet certain requirements regarding cash flow return on investment, capitalization, dividend payment history and debt to equity ratio.
ARRIVALS
Whitebox Hires Ex-Mainstay Distribution Chief
Minneapolis-based Whitebox Advisors has hired Mike Coffey as Head of Distribution for the firm's mutual funds. Coffey will be responsible for raising Whitebox's mutual funds assets and client services, as well as building its sales and marketing team.
Previously, Coffey served as Head of Third Party Distribution for New York Life/MainStay, where he oversaw sales and relationship management for the firm's mutual funds, annuities and separately managed accounts.
Nationwide Forms DCIO Unit
Nationwide last week unveiled a new defined contribution investment only (DCIO) team to help drive sales of Nationwide Funds by retirement plan advisors.
The new members of Nationwide's DCIO sales team include: Jeff Gardner, who will serve as the divisional vice president for the DCIO team, and will be responsible for leading the team; Eleana McLane, who will serve as the regional vice president for the Northeast territory; Mark McGowan, who will serve as the regional vice president for the Central region; Bruce Guarino, who will serve as the regional vice president for the West Coast; and Chad Metzger, who will serve as the regional vice president for the Midwest and Southeast territories.
Eaton Vance Adds Marketing Chief
Eaton Vance Corp. has hired Bob Cunha as Managing Director of Marketing and Distribution Strategy, responsible for leading Eaton Vance's marketing efforts across all distribution channels, including the company's brand positioning and media relations efforts.
He is also responsible for the development and implementation of data-driven sales and marketing processes to support Eaton Vance's investment products and services.
Cunha is based in Boston and reports to Matt Witkos, president of Eaton Vance Distributors.
Community Capital Ramps Up Northeast Presence
Community Capital Management is expanding its northeastern presence with a new hire and a new office.
David Sand has joined the firm as chief investment strategist, focused on business development and new product creation. He will open the firm's new office in Boston.
Formerly, Sand was president and chief investment officer at Access Capital Strategies.
