New products introduced over the last week include a dividend income fund from RiverNorth and retail access to an equity hedge ETF from AdvisorShares.
In addition, Royal Bank of Canada (RBC) will sell SEC-registered covered bonds at the end of August.
Here are the latest developments of interest to advisors:
1) RiverNorth Launches Dividend Income Fund With Manning & Napier
RiverNorth Capital Management announced Tuesday the launch of a new mutual fund, the RiverNorth/Manning & Napier Dividend Income Fund (RNDIX, I shares; RNMNX, R shares). The fund will be subadvised by Manning & Napier Advisors.
The fund’s investment objective will be total return consisting of long-term capital appreciation and income, with assets allocated between a tactical closed-end fund equity strategy, which will primarily invest in equity closed-end funds, and a dividend focus strategy, which will primarily invest in dividend-paying common stocks of mid- to large-cap companies. RiverNorth will manage the tactical closed-end fund equity strategy, while Manning & Napier will manage the dividend focus strategy.
2) AdvisorShares Offers Retail Access to Equity Hedge ETF