Bank of America said recently that it launched the Merrill Edge Select Portfolios to give its mass-affluent clients access to actively managed, diversified portfolios with a minimum balance requirement of $20,000 and a 1% yearly management fee. According to BofA, the series includes 10 portfolios, ranging from conservative to aggressive in investment style. Investments include mutual funds and exchange-traded funds (ETFs), with holdings in stocks, bonds and international investment products.
The new portfolios are managed by Merrill Lynch investment professionals, who will actively monitor and rebalance the portfolios based on changing market conditions. Clients can also monitor their portfolio performance in real-time online.
Goldman Sachs Asset Management recently introduced the Goldman Sachs Rising Dividend Growth Fund (GSRAAX). It seeks long-term growth of capital and current income by investing in companies that pay consistent and increasing dividends, and through an allocation to MLPs.
The firm also announced the launch of the Goldman Sachs Managed Futures Strategy Fund (GMSAX), focused on globally diversified asset classes that GSAM portfolio managers believe can potentially generate absolute returns and reduce risk during prolonged market declines.
The Seafarer Overseas Growth and Income Fund (SFGIX, SIGIX), a no-load fund, has been rolled out by Seafarer Capital Partners. It aims to provide investors with long-term capital appreciation along with some current income by investing up to 80% in the income-producing securities of companies based in emerging markets. It also can invest in securities of companies based in developed countries that have significant economic and financial ties to the developing world.
The fund is managed by Andrew Foster, who was lead manager of Matthews Asia Growth and Income Fund from 2008 to 2011. Its strategy allows for investment in equities, convertible debt and fixed income.•
—Marlene Satter contributed to this report.