Products June 23, 2008

Schwab Updates Back-Office System for RIAs

The newly renamed PortfolioServices by Schwab Performance Technologies (SPT) enables RIAs to outsource back-office functions, the company said.
Reported by

The updated system by SPT is based on PortfolioCenter, the company’s portfolio data management software, according to a press release. Advisers can run the software in-house with support from Schwab or outsource a component of their back office, Schwab said. PortfolioServices is also part of the newly unveiled business start-up program for advisers seeking to switch to the registered investment adviser (RIA) channel (see Schwab Platform To Aid Adviser Transition to Independence).

All PortfolioCenter and PortfolioServices clients will be supported by SPT professionals based in both Raleigh, North Carolina, and Overland Park, Kansas—the service center gained through the acquisition of Etelligent Consulting, Inc., in January.

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Later in 2008, PortfolioServices will add a new premium report for advisers to share with their clients, Schwab said. Other new benefits with PortfolioServices will include a quarterly newsletter and online training tools to help advisers integrate SPT services into their practices.

Products June 23, 2008

Northern Trust Launches ETF Tracking Irish Stock Exchange's Index

Northern Trust today launched the first U.S.-listed ETF to track the ISEQ 20 Index of the Irish Stock Exchange.
Reported by

Northern Trust Global Investments (NTGI), the asset management arm of Northern Trust, unveiled NETS ISEQ 20 Index Fund (ticker: IQE), traded on the NYSE Arca, according to a news release. Northern Trust said the fund enables American investors to invest in an exchange-traded fund (ETF) tracking the 20 Irish securities comprising the index. The company said the decision to create the fund offering exposure to the Irish market reflects Ireland’s continued economic growth and status, including major growth in investment and trade.

The move is the latest in a series of 15 ETF products launched by Northern Trust and called Northern Exchange Traded Shares (NETS), designed to give investors exposure to some of the world’s best-recognized international equities indexes.

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Previous NETS launched this year are:

on the NYSE Arca Exchange:

  • NETS TA-25 Index Fund (Israel) (ticker: TAV)
  • NETS Hang Seng Index Fund (Hong Kong) (ticker: HKG)
  • NETS TOPIX Index Fund (Japan) (ticker: TYI)
  • NETS CAC40 Index Fund (France) (ticker: FRC)
  • NETS AEX-index Fund (The Netherlands) (ticker: AEX)
  • NETS BEL 20 Index Fund (Belgium) (ticker: BRU)
  • NETS PSI 20 Index Fund (Portugal) (ticker: LIS)
  • NETS Hang Seng China Enterprises Index Fund (ticker: SNO)

on the American Stock Exchange:

  • NETS FTSE 100 Index Fund (UK) (ticker: LDN)
  • NETS DAX Index Fund (Germany) (ticker: DAX)
  • NETS S&P/ASX 200 Index Fund (Australia) (ticker: AUS)
  • NETS S&P/MIB Index Fund (Italy) (ticker: ITL)
  • NETS FTSE/JSE Top 40 Index Fund (South Africa) (ticker: JNB)
  • NETS FTSE Singapore Straits Times Index Fund (ticker: SGT)

NETS and Northern Trust’s ETF business are managed under NTGI’s Global Quantitative Management Group (GQM), which is headed by Michael A. Vardas, Jr. Chad Rakvin heads the team of portfolio managers who oversee NETS investment portfolios.

More information on the NETS ETFs is available at www.netsetfs.com.

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