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.