Bank of America said recently that it launched the Merrill Edge Select Portfolios to give its mass-affluent clients access to actively managed, diversified portfolios with a minimum balance requirement of $20,000 and a 1% yearly management fee. According to BofA, the series includes 10 portfolios, ranging from conservative to aggressive in investment style. Investments include mutual funds and exchange-traded funds (ETFs), with holdings in stocks, bonds and international investment products.
The new portfolios are managed by Merrill Lynch investment professionals, who will actively monitor and rebalance the portfolios based on changing market conditions. Clients can also monitor their portfolio performance in real-time online.
Goldman Sachs Asset Management recently introduced the Goldman Sachs Rising Dividend Growth Fund (GSRAAX). It seeks long-term growth of capital and current income by investing in companies that pay consistent and increasing dividends, and through an allocation to MLPs.
The firm also announced the launch of the Goldman Sachs Managed Futures Strategy Fund (GMSAX), focused on globally diversified asset classes that GSAM portfolio managers believe can potentially generate absolute returns and reduce risk during prolonged market declines.