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Portfolio > Portfolio Construction

Top Portfolio Products: Putnam Rolls Out DC Website

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New products introduced over the last week include a website from Putnam dedicated solely to defined contribution investment, and WisdomTree’s announcement that underwriters have exercised their option to purchase additional stock in a secondary offering.

In addition, Invesco announced that only three out of 123 ETFs will be delivering capital gains distributions for 2012, and Vista Equity Partners announced that it has completed its acquisition of Taxware.

Here are the latest developments of interest to advisors:

1) Putnam Launches New Website Dedicated to Defined Contribution Investment

Putnam Investments announced that it has created a new, dedicated defined contribution investment-only (DCIO) website that captures the content most requested by consultants, recordkeeping firms and investment research professionals. The site is live.

Inustry research reported earlier this year by Strategic Insight indicated that the DCIO market is set to grow to 60% of total DC assets by 2017, up from an estimated 52% at year-end 2011.

The new site will include a variety of educational materials. Coming early next year will be links to the Putnam Fund Visualizer, an investment analytics tool that allows research and advisors to compare funds and model portfolios as well as plan investment menus.

Other resources include detailed product profiles, commentaries, and fact sheets on over 30 funds and Putnam’s collective trusts; Putnam’s quarterly market trends book; sector insights and analyst commentary on industries and market sectors; and weekly economic updates and monthly market summaries.

2) WisdomTree Announces Underwriters Exercise Option in Secondary Offering

WisdomTree Investments, Inc. announced that the underwriters for the public offering of 26,000,000 shares of WisdomTree common stock by certain of its existing stockholders exercised their option to purchase an additional 1,795,630 shares of its common stock. WisdomTree will not receive any proceeds from the offering, and is not issuing any new shares; therefore, its total number of shares outstanding will not change as a result of the offering.

BofA Merrill Lynch, Barclays, Citigroup, Morgan Stanley and Goldman, Sachs & Co. are acting as book-running managers and Piper Jaffray and Sterne Agee are acting as co-managers for the offering.

3) Invesco to Deliver No Capital Gains Distributions for 120 of 123 ETFs

Invesco PowerShares Capital Management LLC announced that it expects to deliver zero long-term capital gains distributions across 120 of 123 equity and fixed-income ETFs for 2012. The three PowerShares ETFs expected to make capital gains distributions this year represent less than 1% of franchise assets, and are expected to see long-term capital gains distributions under 1% of NAV per share. It is the tenth consecutive year that the majority of the firm’s ETFs did not deliver capital gains distributions, highlighting their tax efficiency.

The three ETFs with capital gains distributions, and their estimated distribution per share, are: PowerShares S&P 500 BuyWrite Portfolio (PBP), $0.13–$0.16; PowerShares 1-30 Laddered Treasury Portfolio (PLW), $0.001–$0.003; and PowerShares Active Low Duration Fund (PLK), $0.045–$0.075. The ex-date for the 2012 capital gains distributions is anticipated to be Monday, December 24. The record date is anticipated to be Thursday, December 27, and the pay date is anticipated to be Monday, December 31.

4) Vista Equity Partners Completes Acquisition of Taxware

Vista Equity Partners announced it has completed its acquisition of the Taxware business from ADP in an agreement that was announced on Nov. 6. The company will continue to use the Taxware name.

Taxware also announced the appointment of Andy Hovancik as the new CEO. For more than 21 years, he has served a variety of software and technology companies in leadership positions. Most recently he was president and COO at Solarsoft Business Systems. Taxware will also be led by executives currently within the company, including Ken Zemba as chief technical officer, as well as new members including software executives Kevin Shone as chief financial officer and Matt Grill as chief operating officer.

Read the Dec. 17 Portfolio Products Roundup at AdvisorOne.


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