Pershing Offering Research, Trust Services

Jersey City, N.J.–based Pershing LLC is offering new independent research and trust services.

Pershing, a member of BNY Securities Group and a subsidiary of The Bank of New York, introduced The Rankings System (TRS) in June through NetExchange, Pershing‚s online brokerage platform for investment professionals. TRS is an independent research service that tracks the performance of mutual fund managers and teams rather than the funds themselves. Drawing on a database of some 11,700 managers, TRS ranks managers‚ performance using objective and measurable criteria.

Through TRS, Pershing‚s customers can provide their clients with unique and up-to-date insights on the best-performing individual mutual fund managers, as well as "second opinions" on manager selections and fund ratings. Investment professionals will also have access to premium content, such as "The TRS 100" and the "TRS Top 10."

Pershing also is providing its customers and their investment professionals with access to The Bank of New York‚s directed trust service. Under the program, financial advisors continue to manage the investments in their clients‚ trust portfolios while the bank, which administers all forms of trusts, acts as trustee.

For more information on Pershing, visit www.pershing.com.

Russell/Nomura

Prime Index Unveiled

Russell Investment Group of Tacoma, Wash., and Nomura Securities Co. Ltd. of Tokyo have developed the Russell/Nomura Prime Index, a model for passive investment in Japanese equities.

Russell/Nomura Japan indexes, a family of 15 indexes, are frequently used for evaluating the performance of small-cap, value or growth investment strategies.

Russell Investment Group provides investment products and services in more than 35 countries. For more information, visit www.russell.com.

SSgA Funds Takes Control

Of Two ETFs

SSgA Funds Management Inc. in Boston has assumed the investment management of two exchange-traded funds, the Fresco Dow Jones STOXX 50 Fund and the Fresco Dow Jones Euro STOXX 50 Fund.

The two funds, transferred from UBS Global Asset Management Inc., have been renamed the streetTRACKS STOXX 50 Fund and streetTRACKS EuroSTOXX 50 Fund.

For more information, contact SSgA Advisors Strategies at 877-521-4083.

Fidelity Launches Bond Fund

Fidelity Investments of Boston has launched Fidelity Advisor Ultra-Short Bond Fund.

The fund normally will invest at least 80% of assets in investment-grade bonds and repurchase agreements for those securities, and will maintain a dollar-weighted average maturity of two years or less. For more information about Fidelity Investments, visit www.fidelity.com.

New Hartford Policy

Connecticut-based Hartford Financial Services Group Inc. is introducing a new life insurance policy, Hartford Quantum Life, which combines features of universal life and variable life insurance.

Hartford Quantum Life enables consumers to simultaneously accumulate and protect their assets, and provides a no-lapse guaranteed death benefit. It offers 40 investments and allows policyholders to shift between investment options without tax consequences.

The Hartford is one of the nation‚s largest financial services and insurance companies. For more information, visit www.thehartford.com.

Floating-Rate Trust

Eaton Vance Corp. of Boston has introduced a closed-end fund, Eaton Vance Floating-Rate Income Trust.

The Trust seeks to provide high current income. It invests primarily in senior, secured floating-rate loans made by financial institutions to businesses. "The floating-rate feature of senior loans means that loan funds have limited exposure to loss of principal value due to rising interest rates and can be expected to increase dividends as short-term rates move upward. In the current economic climate we‚ve seen a significant appetite for an investment vehicle of this type," says James B. Hawkes, Eaton Vance‚s chairman and CEO.

For more information, visit www.eatonvance.com.