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December 16, 2019 at 10:27 AM
T. Rowe Price launched a China Evolution Equity Fund that’s targeting “long-term growth of capital” via investments in Chinese companies, the firm said.
Although the company has been investing in China for decades through global strategies, including those focused on emerging markets and Asia, the T. Rowe Price China Evolution Equity Fund represents its first mutual fund focused only on Chinese equities, it noted.
The fund’s expense ratio is 1.40% for Investor Class shares (TCELX) and 1.04% for I Class shares (TRCLX). The minimum initial investment amounts are $2,500 for Investor Class shares and $1 million for I Class shares.
“China is undergoing unprecedented changes, including an evolving economic model, industrial upgrades, and a shifting geopolitical outlook,” according to Wenli Zheng, portfolio manager of the China Evolution Equity Fund. “These changes have created an investment landscape with ample mispricing opportunities,” he said in a statement, adding: “The China Evolution Equity Fund looks to exploit these opportunities through a style-agnostic approach unconstrained by an index.”
Pershing Launches Fee-Based Annuities With Subscribe
BNY Mellon’s Pershing subsidiary completed the integration of its managed accounts technology with its annuity order entry platform, Subscribe.
Subscribe provides advisors with “streamlined annuity purchasing and servicing capabilities” within Pershing’s managed accounts solution, it said. The integrated solution supports more than 70 fee-based annuity products from 18 carriers and was developed to “deliver a seamless experience for advisors looking to incorporate fee-based insurance products into the wealth management process,” it said.
The solution will allow advisors to: efficiently construct a proposal inclusive of fee-based annuities; build a custom allocation mix in a flexible variable annuity model; open a managed account; buy an annuity contract electronically; provide account oversight; aggregate for billing; and receive daily detailed holdings and balance updates, or run on-demand and quarterly performance reports, Pershing said.
BlackRock, 55ip Team Up on Model Portfolios
BlackRock Model Portfolios is partnering with 55ip’s investment strategy engine that enables advisors to automate tax management using quantitative capabilities.
The collaboration will allow advisors to “leverage 55ip’s proprietary capabilities and transition client portfolios into” a BlackRock Model “in a tax-aware manner with ongoing tax management and trading,” BlackRock and 55ip said.
The platform has been co-branded BlackRock and 55ip, and is available for advisors who custody client accounts via Fidelity, TD Ameritrade Institutional and Schwab Advisor Services. With these integrations, advisors can select a BlackRock Model Portfolio for a client account and use 55ip’s tax technology to “facilitate a tax-aware transition into the model over time and provide ongoing, automated tax management” on the model, BlackRock and 55ip said.
InvestCloud Releases PersonaTech App
InvestCloud has launched an app, PersonaTech, that the Los Angeles-based fintech firm said will create personal digital experiences for wealth management clients.
