Invesco expanded its plan to move forward with active non-transparent exchange-traded funds by filing for an exemptive order to license Fidelity’s active equity ETF methodology.
“The partnership between Fidelity and Invesco will build on both firm’s shared heritage of innovation and strengthen Invesco’s ability to help achieve better outcomes for investors,” Invesco said.
(Related: Fidelity Launches 3 Nontransparent ETFs)
Invesco launched the first active transparent ETF in 2008. Using Fidelity’s active equity model for active non-transparent ETFs is “perfectly aligned with the pioneering spirit that has driven our focus on innovation,” said Anna Paglia, global head of ETFs and Indexed Strategiesshe added.
RBB Teams With Precidian on ActiveShares ETFs
The RBB Fund signed an agreement with Precidian Investments to offer ActiveShares patented ETF technology, another non-transparent ETF structure.
The relationship “enhances RBB’s turnkey platform for managers looking to access the ActiveShares technology, and further distinguishes RBB’s unique position within the marketplace – one that is completely independent of any bank sponsor or service provider,” RBB said.
ActiveShares ETFs were “designed to fit seamlessly into the existing ETF ecosystem, offers investors and managers a far more flexible structure than currently exists with today’s mutual funds or by other recently introduced active ETF models,” RBB said.
Potential benefits for investors include lower operating costs, more pricing transparency, improved tax efficiency, the benefits of exchange trading, lower liquidity charges and the elimination of multiple share classes, RBB said.
Voya Launches COVID-19 Planning Tool
Voya Financial collaborated with financial wellness platform developer SAVVI Financial to develop a COVID Relief Planning Assistant that Voya said was designed to help people who were laid off, furloughed or are working reduced hours as a result of the pandemic.
Via its Retirement and Employee Benefits businesses, Voya will offer the SAVVI Financial COVID Relief Planning Assistant to its workplace clients as an online resource for their plan participants and employees. Voya previously collaborated with SAVVI in April when it launched myHealthMoney, a digital assistant to help workers make more informed decisions about their Voya health savings account.
The new COVID relief tool is a “targeted experience for those financially impacted by the pandemic who need a short-term plan,” Voya noted. If somebody has lost his or her income or had their income reduced, the tool provides educational resources or an action plan that adjusts their household financial plan by organizing assets, debt, expenses and existing income to create a strategy to help get through the next three to six months, it noted.
Users will be provided with a link to the online tool by their employer or retirement plan sponsor and then guided through a series of six questions concerning their financial situation. If they qualify for COVID-19 relief planning assistance, they will then receive a personalized, short-term financial action plan, Voya said. The recommended actions take into account CARES Act benefits, tax consequences and long-term retirement goals.
If a person does not qualify, they will be directed to educational resources selected by SAVVI, Voya said.
Blackstone Announces Final Close of Life Sciences Fund
Blackstone announced the final close of Blackstone Life Sciences V (BXLS V), its inaugural Life Sciences private fund. BXLS V was oversubscribed and closed at its hard cap of $4.6 billion of total capital commitments, the firm said.