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April 27, 2020 at 10:31 AM
Wells Fargo Asset Management (WFAM) launched the Wells Fargo Retirement Income Solution, calling it a “step forward in planning for income in retirement.”
As life expectancy increases, funding retirement has become significantly more challenging because many workers and retirees don’t know how long their retirement savings will have to last, the firm said.
The Wells Fargo Retirement Income Solution was “designed to provide participants with an option to seamlessly transition from investing for retirement to drawing income in retirement,” the company said. It offers an option to pair a target date series with a deferred annuity, with the goal of providing income for life, the company said, noting the solution is available to plan sponsors and record-keeping platforms.
The solution features four key differentiators, according to the company: (1) a design based on patent-pending research; (2) an insurance carrier selection service, through which Wells Capital Management leverages the SECURE Act safe harbor to provide 3(38) fiduciary services; (3) collaboration with record-keeping experts to proactively improve simplicity and portability; and (4) a low-cost structure designed for the institutional defined contribution market.
BlackRock’s iShares Expands Suite of Factor Style ETFs
BlackRock’s iShares rounded out its suite of factor style exchange-traded funds with three new ETFs.
The new ETFs are the: iShares Factors U.S. Blend Style ETF (STLC, with a net expense ratio of 0.25%); iShares Factors U.S. Mid Blend Style ETF (STMB, 0.30%); and iShares Factors U.S. Small Blend Style ETFs (STSB, 0.35%).
They join two ETFs that were announced in January, each with a 0.25% net expense ratio: the iShares Factors U.S. Value Style ETF (STLV) and iShares Factors U.S. Growth Style ETF (STLG).
The new ETFs complete the iShares suite of funds that BlackRock said were “designed to provide Style Box investors with a risk-controlled, multifactor solution.” All the funds “seek to track custom rules-based indexes developed by FTSE Russell and are designed to provide exposure to five factors – momentum, value, quality, size and minimum volatility – while maintaining a risk and style profile similar to the ‘parent’ index, or starting universe,” BlackRock said.
The indexes were developed using the investment concepts and strategies conveyed by BlackRock’s Factor-Based Strategies Group, led by Dr. Andrew Ang.
Nottingham Files Short Form Exemptive Applications for ETFs
The Nottingham Company filed short form exemptive applications required by the Securities and Exchange Commission to offer non-transparent ETFs to new and existing clients, the fund services administrator and white label issuer to the mutual fund and ETF industry said.
