Fidelity Adds Three New Mutual Funds, Rebrands Lineup
In an attempt to bulk up its mutual fund lineup and create more brand consistency, Boston-based Fidelity Investments has introduced three new equity funds and renamed others. The company launched the Fidelity Large Cap Growth Index Fund, the Fidelity Large Cap Value Index Fund, and the Fidelity Total International Index Fund in early June. Each fund will be available in “Investor,” “Premium,” “Institutional” and “Institutional Premium” share classes.
The large-cap growth fund is benchmarked to the Russell 1000 Growth Index, the value fund to the Russell 1000 Value Index, while the international fund will invest at least 80% of its assets in securities included in the MSCI ACWI ex USA Investable Market Index.
Fidelity has also rebranded much of its indexed mutual fund lineup by replacing the “Spartan” name with “Fidelity” in an attempt to create consistency in branding across all of its mutual fund products. The share classes have also changed names—the “Fidelity Advantage” class has been renamed the “Premium” class. And the “Fidelity Advantage Institutional” class has been rechristened “Institutional Premium.”
Fidelity now offers 19 equity, fixed-income and hybrid index mutual funds under the Fidelity brand; 13 under the Fidelity Freedom Index Funds brand; and 12 passive ETFs. The company had $5.3 trillion in assets under advisement as of April 30, 2016, including
$2 trillion under management.
Yourefolio Introduces Avatar-Assisted Onboarding
Cleveland-based Yourefolio has upgraded its estate planning tools with an avatar-assisted onboarding process and other new features.
Dubbed “Yourefolio 2.0,” the new version includes elements inspired by behavioral finance and developed in coordination with psychologists.
In the program, an avatar guides clients through questions that detail the estate planning process. The questionnaire goes beyond the transfer of wealth and includes questions about inner-family workings, the transfer of family heirlooms and other special instructions.
Yourefolio 2.0 will also link to the Master Death Index, which will alert advisors of a client’s passing so that they can initiate any contingency plans they’ve built together.
Pershing Expands API Access, Integrations
Orlando-based Pershing launched a suite of technology enhancements to improve digital integration.
Pershing clients can now access the company’s new NetXServices API store, which offers the entire BNY Mellon library of APIs. These will be available to both technology providers and to clients who want to create their own integrations.
The first wave of integrations through the API store has begun with digital advice providers Jemstep, Marstone, SigFig and Vanare.
Pershing’s enhancements also include a redesigned series of wealth reports and additional integrations with CRM providers.
TCA Launches Small-Cap PE Fund
International specialist finance and advisory firm TCA Fund Management Group Corp. is launching a small-cap private equity fund to invest in underserved, growth-stage companies in the U.S. and U.K.
The Opportunities Fund I will target 15 to 20 companies with a U.S.-dollar-based vehicle that makes investments in the $5 million to $15 million range.
In explaining the need for the new fund, TCA cites U.S. census data that shows there are more than 28 million small businesses with revenues between $25 million and $150 million falling short of the capital requirements they need to get financing from conventional financiers like banks, traditional private equity and crowdfunding.
Guardian Enhances Whole Life Offerings
New York-based Guardian Life Insurance Company of North America has added two new features to its whole life insurance offerings to give clients more flexibility.
The “Lifetime Protection Builder” rider helps to bridge the gap between term and permanent life insurance, giving policyholders the opportunity to transition term insurance into permanent insurance at regular intervals.
The Enhanced Whole Life Policy Loan option allows policyholders to choose between fixed and variable loan interest rates when taking a policy loan. Many firms allow policyholders to borrow from their accumulated cash value on the policies’ 10th anniversary, but lock in terms at the time the policy is purchased.
PrairieSmarts Unveils Suite of Risk Tools
PrairieSmarts, a new Omaha, Neb.-based fintech provider, has unveiled its new suite of risk calculator and communication tools.
The tools, SmartRisk Pro, SmartRisk Enterprise and SmartRisk Applied, bring to bear PrairieSmarts’ custom algorithms and cloud-based computing capacity to test portfolios for risk and to create easy-to-digest reports.
SmartRisk Pro, is a web-based tool allowing advisors to create unlimited, transparent “what-if” analyses for client accounts.
SmartRisk Enterprise, intended for asset managers, mutual fund companies and ETF providers, includes API integration and a plug-and-play risk calculator.
SmartRisk Applied is custom-designed for consultants, compliance departments and fiduciaries, offering regulatory and compliance solutions.