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Portfolio > Portfolio Construction

Top Portfolio Products: Vanguard Adds Core Bond Fund

By Marlene Satter

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New products and changes introduced over the last week include a bond fund from Vanguard and two ETFs from WisdomTree. Also, Manning & Napier announced the upcoming acquisition of Rainier Investment Management and New Direction IRA launched its newly designed website.

Here are the latest developments of interest to advisors:

1) Vanguard to Launch Bond Fund

Vanguard has filed a registration statement with the Securities and Exchange Commission for the Vanguard Core Bond Fund, an actively managed low-cost offering in the core bond fund category.

Expected to be available in the first quarter of 2016, the fund will be managed by the Vanguard Fixed Income Group and seek to outperform the broad investment-grade U.S. fixed-income market. It will invest in a broadly diversified portfolio of high-quality bonds, including Treasury, mortgage-backed and corporate securities of varying yields and maturities.

2) WisdomTree Adds ETFs

WisdomTree launched the Dynamic Long/Short U.S. Equity Fund (DYLS) and Dynamic Bearish U.S. Equity Fund (DYB).

DYLS and DYB are designed to generate alpha through quantitative and fundamental stock selection, while they also have ability to hedge market risk dynamically.

3) Manning & Napier to Acquire Rainier Investment Management

Manning & Napier, Inc. announced an agreement to acquire a majority interest in Rainier Investment Management, LLC, a Seattle, Washington-based, active investment management firm with more than $3 billion in U.S. and non-U.S.-based equity strategies and fixed-income products.

The acquisition will broaden the firm’s position as a provider to defined contribution plans and increase its geographic coverage of western U.S. investment teams. Both firms will remain autonomous, and the transaction will not generate changes to either firm’s investment personnel or processes. Rainier will continue to operate from its Seattle headquarters.

Under the terms of the transaction, key professionals at Rainier will maintain a 25%  stake in Rainier, with Manning & Napier owning the remaining 75%. The transaction involves an initial upfront cash payment funded through the company’s available cash position, with additional payments based on Rainier achieving certain financial targets over a four-year period.

The deal is expected to close in the first half of 2016, subject to customary regulatory approvals and closing conditions. Additional financial terms of the transaction were not disclosed.

4) New Direction IRA Launches Newly Designed Website

Self-directed IRA account administrator New Direction IRA introduced a newly designed website, which it says is fully compatible with all desktop browsers and mobile devices.

The website provides a video library, blog and article feed, downloadable investing guides, live chat with agents, file sharing and an event page, among other features.

Read the December 21 Portfolio Products Roundup at ThinkAdvisor.

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