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Products & Services June 13, 2024
Product & Service Launches – 6/13/24
New York Life Investments renames mutual funds; AB launches two actively managed ETFs; Equitable adds to corporate endowment solutions; and more.
Reported by Noah Zuss
New York Life Investments Renames Funds
New York Life Investments announced it will rename its flagship MainStay mutual funds and IndexIQ exchange-traded funds.
New York Life has added NYLI to the names of the renamed funds, replacing the MainStay and IQ names, to better align with the strength of its brand and ensure these products are more easily recognizable.
“This is an exciting chapter in the evolution of our business, which we believe will create more distinction in the market, and greater brand clarity and consistency for New York Life Investments and our boutiques,” said Kirk Lehneis, chief operating officer and head of U.S. retail at New York Life Investments.
Each of the fund name changes is expected effective either alternatively August 12, 2024, or August 28, 2024, according to the company’s press release.
AllianceBernstein Finalizes Two Actively-Managed ETFs
AllianceBernstein Holding L.P. and AllianceBernstein L.P. have launched two actively managed exchange-traded funds on the New York Stock Exchange: the AB Short Duration Income ETF and AB Short Duration High Yield ETF.
Global trading firm Jane Street will be the lead market maker on the ETFs. Details on the funds include:
Global trading firm Jane Street will be the lead market maker on the ETFs. Details on the funds include:
- SDFI is an actively managed, short duration multisector bond ETF, with the aim of seeking high current income consistent with preservation of capital.
- SYFI is an actively managed, short duration high yield bond ETF with the aim of seeking the highest level of income that is available without assuming what AB considers to be undue risk to principal.
“Today’s launch demonstrates AB’s robust global fixed income business, adding additional building blocks for efficient income,” AB’s Head of Fixed Income Scott DiMaggio said in a statement. “These conversion products offer a wrapper that is investment-model friendly, and we believe they will ultimately fit into client portfolios in multiple economic cycles.”
Equitable Expands Corporate Endowment Solutions Platform
Equitable has announced expanding accessibility to financial professionals of the VUL Optimizer product, offering variable universal life insurance policies through the company’s corporate endowment solutions platform to help serve clients.
The CES platform provides financial professionals with a full-service program, ranging from front-end sales and illustration support through ongoing modeling and asset and liability reporting, said Equitable in a press release.
The VUL Optimizer product is designed to maximize policyholders’ future income. It includes access to more than 80 investment options to help investors build assets to supplement retirement income.
Adding the VUL Optimizer to CES and its administration platform, financial professionals can access contract administration support throughout the life of the policy. The CES solution is available for VUL Optimizer policies of $20,000 in premiums or more.
Financial services company Equitable is the principal franchise of Equitable Holdings Inc.
ShareBuilder 401k Removes Setup Fee
ShareBuilder 401k announced, waiving the $150 setup fee to set a retirement plan to encourage small businesses to offer a retirement plan to employees.
Three-quarters (76%) of small businesses do not offer 401(k) plans because of high perceived costs, according to a recent ShareBuilder 401k survey. Tackling their cost concerns, now through July 1, new ShareBuilder Solo 401(k) clients can secure a free plan setup.
Solo 401(k)s are great for any self-employed business looking to contribute at least $7,000 per year,” said Stuart Robertson, president and CEO of ShareBuilder 401k.