The product, known as the New Power Fund, will invest in energy, utilities and technology stocks, focusing on those that innovate new ways to provide fuel and electricity.
Glen Hilton, who will manage the portfolio, said the business climate for such companies is improving through deregulation, environmental concerns and technological advances such as those in solar, geothermal, wind and biomass research.
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
The accusations led to the end of 16 years at the firm.
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
