New products and changes introduced over the last week include the reopening of a fund from Vanguard and changes to the managers of two other funds, as well as the launch of a retirement business development department by Forethought Life Insurance.
Also, Informa Investment Solutions added PDF upload capability to its PerformanceIQ presentation center.
Here are the latest developments of interest to advisors:
1) Vanguard Reopens Treasury Money Market Fund
Vanguard has reopened the Vanguard Treasury Money Market Fund (VUSXX) to all investors. The fund was closed in January 2009 to protect existing clients from high levels of cash flow that could potentially dilute yield, it says, but market conditions have improved and prompted its reopening. VUSXX’s board has therefore determined that it would be in the best interests of shareholders to reopen the fund.
In addition, Vanguard has announced changes in the investment advisory arrangements for the Vanguard Morgan Growth Fund and the Vanguard Explorer Fund.
The Vanguard Explorer Fund has employed a multi-manager structure since 1990. It will now use seven advisors, with Century Capital Management no longer serving as an advisor. Assets formerly managed by Century (about 7%) have been apportioned to Arrowpoint Partners, Vanguard Quantitative Equity Group and Stephens Investment Management Group, which currently serve as advisors to the fund.
The Vanguard Morgan Growth Fund, which has also been multi-managed, will be now be managed by four advisory teams, with Kalmar Investment Advisers no longer serving as advisor to the fund. Current management teams Jennison Associates, Frontier Capital Management and Vanguard Quantitative Equity Group assumed responsibility for the assets previously managed by Kalmar (roughly 9%).
2) Forethought Rollout
Forethought Life Insurance has announced organizational changes within its retirement distribution team, which markets annuities through broker-dealers across the country; it has launched a retirement business development team to drive sales innovation, sales coordination and relationship management.
The business development team will be led by 20-year industry veteran Simeon Hernandez, who will serve as head of retirement business development.
3) Informa Investment Solutions
Informa Investment Solutions has added PDF upload capability to its PerformanceIQ presentation center solution.
The added feature enables investment professionals to upload PDF content for inclusion into presentation center templates and presentations; integrate and merge proprietary content; deliver unified client reporting; and customize and personalize presentations to specific clients, investors or board members.
Read the Jan. 15 Portfolio Products Roundup at ThinkAdvisor.