New products and changes introduced over the last week include a bond index fund from Vanguard; an additional Hatteras fund and increased availability of an existing fund; and enhancements to an Allianz Life variable annuity.
Also, Envestnet added a CLS Investments strategy to its network and Guardian Retirement Solutions expanded its investment option lineup.
Here are the latest developments of interest to advisors:
1) Vanguard Adds Tax-Exempt Bond Index Fund
Vanguard launched of the Vanguard Tax-Exempt Bond Index Fund (VTEB, VTEBX, VTEAX), which will offer three low-cost share classes, including exchange-traded fund (ETF) shares.
The fund’s target benchmark is the S&P National AMT-Free Municipal Bond Index. It seeks to offer diversified exposure to the national municipal bond market, representing bonds with an effective duration between five and eight years. It will be managed by Adam Ferguson.
2) Hatteras Funds Adds Fund, Increases Availability
Hatteras Funds introduced its Market Neutral Fund (HMNAX), designed to diversify stock portfolios by seeking to generate absolute returns independent of the market environment. HMNAX employs a multimanager approach using three hedge fund managers with long-term experience executing market neutral strategies.
In addition, Hatteras opened up access to its Alternative Multi-Manager Fund (HHSIX), which had been available to only some institutional clients since 2011. HHSIX will continue to be co-managed by portfolio managers Michael Hennen and R. Ty Powers.
3) Allianz Life Enhances Variable Annuity