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December 10, 2018 at 10:44 AM
Digital retirement platform Vestwell has partnered with BNY Mellon to now offer 401(k), 403(b), and employer-sponsored IRA plans to BNY Mellon clients, accessible via Vestwell’s turnkey digital interface.
Through the collaboration, Vestwell will be tightly embedded in an open-architecture construct and offered to BNY Mellon clients nationwide. Jointly, the platform will allow companies to bring solutions to state-sponsored retirement programs as well as advisor-led 401(k), 403(b) and IRA programs.
According to Aaron Schumm, founder and CEO of Vestwell, “with BNY Mellon’s industry leadership and Vestwell’s digital solution, we’re working to ensure that all employees have practical investment vehicles in place.”
BNY Mellon’s wholly-owned entities, which include BNY Mellon Custody, Pershing brokerage services, Lockwood asset management, and Sumday – will be able to utilize Vestwell’s flexible and intuitive platform. This integrated offering will provide advisors a more comprehensive viewpoint into their plan sponsor companies and their employees’ retirement accounts.
Nuveen Adds Actively-Managed Bond Funds
Nuveen added two actively-managed fixed income mutual funds to its responsible investing suite of funds.
The TIAA-CREF Green Bond Fund (TGROX) and TIAA-CREF Short Duration Impact Bond Fund (TSDBX) draw on the firm’s decades of experience with both fixed income and responsible investing. The funds seek to deliver competitive financial returns and positive environmental, social and governance (ESG) outcomes.
The TIAA-CREF Green Bond Fund invests in diversified investment-grade portfolio that leverages Nuveen’s expertise in labeled and unlabeled green fixed income securities designed to deliver competitive long-term risk-adjusted investment returns against its benchmark, the Bloomberg Barclays MSCI U.S. Green Bond Index.
For this fund, investments primarily include securities issued by sovereign and local governments, corporations, securitized bonds and multinational agencies, with an emphasis on renewable energy, climate change and natural resources.
The TIAA-CREF Short Duration Impact Bond Fund seeks current income by investing primarily in a diversified portfolio of fixed income securities with an average maturity of three and a half years.
The fund makes strategic allocations to bonds that demonstrate environmental and societal impact within affordable housing, community or economic development, and renewable energy, climate change and natural resources. The limited amount of time until maturity helps manage risks associated with rising interest rates and is designed to appeal to investors with a shorter time horizon or for retirees in a draw down phase. The fund’s benchmark is the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index.
