New products and changes introduced over the last week include three short-duration bond funds from Fidelity and a new global industrials fund and an online retirement center from T. Rowe Price.
In addition, Mariner Wealth announced the launch of its trust company, and Nasdaq OMX launched 14 new indexes.
Here are the latest developments of interest to advisors:
1) Fidelity Adds 3 New Bond Funds
Fidelity Investments announced Tuesday the launch of three new short-duration bond funds: Fidelity Limited Term Bond Fund (FJRLX), Fidelity Conservative Income Municipal Bond Fund (retail class, FCRDX; advisor class, FMNDX) and Fidelity Short Duration High Income Fund (FSAHX).
FJRLX is lead managed by Robert Galusza and co-managed by David Prothro. It seeks to provide a high rate of income and is credit-oriented, investing in sectors such as corporates, commercial mortgage-backed securities, asset backed securities and Government agency mortgages, which typically offer higher yields than Treasuries and Government securities. The fund normally maintains a dollar-weighted average maturity between two and five years.
FCRDX/FMNDX is managed by Doug McGinley. It invests in money-market securities and high-quality investment-grade municipal debt securities with a short duration. The fund normally maintains a dollar-weighted average maturity of one year or less.
FSAHX is managed by Matt Conti and co-managed by Michael Plage. It normally invests in higher-quality below-investment-grade bonds rated BB or B. It also intends to invest in floating-rate loans and investment-grade corporate bonds. The fund normally maintains a dollar-weighted average maturity of three years or less.
2) T. Rowe Price Adds Global Industrials Fund, Online Retirement Center
T. Rowe Price announced Tuesday the launch of its Global Industrials Fund (RPGIX), which seeks long-term capital growth by investing in foreign and U.S. companies within the industrials sector. It will be managed by Peter Bates, and its net expense ratio is estimated to be 1.05%.