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October 28, 2011 at 09:14 AM
New products introduced over the last week include Guggenheim’s Equal Weight Enhanced Equity Income Fund and a new options platform from TD Ameritrade.
In addition, Essex Investment Management announced it was partnering with Alpha Dynamics, and Hancock’s Horizon Diversified International Fund won five stars from Morningstar.
Here are the latest developments of interest to advisors:
1) Guggenheim Equal Weight Enhanced Equity Income Fund Raises $175 Million From IPO
Guggenheim Equal Weight Enhanced Equity Income Fund, a closed-end management investment company, announced Thursday that it has priced its initial public offering of common shares, which began trading on the New York Stock Exchange under the symbol GEQ. The offering is scheduled to close on Oct. 31.
The fund’s investment objective is to provide a high level of risk-adjusted total return with an emphasis on current income. It seeks to achieve its investment objective by first investing, under normal circumstances, substantially all of its managed assets in a portfolio of common stocks included in the S&P 500 Equal Weight Index, and second, utilizing a call option writing strategy to seek to generate current income and potentially mitigate overall portfolio volatility. It also anticipates using leverage.
2) TD Ameritrade Launches Options Market Center for Advisors
TD Ameritrade Institutional announced Thursday the launch of the Options Market Center, an options platform for its affiliated advisors that the registered investment advisor custodian says was prompted by increased use of options strategies and will help differentiate RIAs’ practices.
In an interview in Hoboken, N.J., on Tuesday with AdvisorOne, Jeff Chiappetta (left), who is in charge of the Options Market Center as well as running TD Ameritrade’s institutional trading and fixed income operations, said the center is designed to educate advisors about the use of options, to allow advisors to vet potential options strategies with TD’s options strategy desk, and then to execute those strategies through TD Ameritrade’s trading platform.
