New products introduced over the last week include a new social media ETF from Global X and a global credit long/short mutual fund from Forward. In addition, Panda Power closed a private equity fund; Neuberger Berman marked a fifth anniversary; and Russell took an advisor site mobile.
Here are the latest developments of interest to advisors:
1) Global X Social Media Index ETF Launches
Global X announced on Tuesday the launch of its Social Media Index ETF (SOCL), which seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Index.
The Solactive Social Media Index is designed to reflect the performance of companies involved in the social media industry, including companies that provide social networking, file sharing, and other Web-based media applications.
2) Forward Launches Global Credit Long/Short Mutual Fund Focused on Corporate Debt Opportunities
Forward Management, LLC announced Thursday the launch of the Forward Global Credit Long/Short Fund. (FGCRX). Offering a hedge-style long/short strategy focused on the corporate debt sector, the new fund is managed by SW Asset Management, LLC. David Hinman, co-founder and chief investment officer of SW Asset Management, is co-portfolio manager for the new fund.
J. Alan Reid, CEO of Forward Management, said the new fund has some bias to emerging markets, given their generally higher economic growth rates, but typically invests broadly in at least 10 countries at any one time. The strategy can also potentially hedge against sovereign defaults and extreme credit market downturns.
At least 40% of fund assets must be invested in issuers based outside the U.S. The fund, which launched October 1, is offered in investor class, institutional class, class C, and class M shares.
3) Panda Power Funds Closes $420 Million Private Equity Fund
Panda Power Funds announced November 16 the final close of the Panda Power Generation Infrastructure Fund with $420 million in capital commitments.