Saturday, 30 August 2014
Last updated 1 day ago
Apr 5 2013 | 11:44am ET
The Blackstone Group and State Street Corp. yesterday launched a junk-bond exchange-traded fund as U.S. leveraged loan issuance and investor demand spike.
The SPDR Blackstone/GSO Senior Loan ETF is managed by Blackstone's credit hedge fund unit, GSO Capital Partners, and State Street Global Advisors. The fund debuted yesterday on the New York Stock Exchange's Arca market, trading under the ticker symbol "SRLN."
The new ETF will compete with Invesco PowerShares' two-year old Senior Loan Fund and the iBoxx Senior Loan ETF, managed by Highland Capital Management, although the Blackstone-State Street fund is the first actively-managed senior loan fund.
"Given the high turnover of senior loans and the critical importance of credit selection, we believe an active strategy provides a key advantage to investors who want access to this corner of the market," James Ross, head of the SPDR ETFs, said. The new fund charges a 0.9% expense ratio, higher than the 0.55% charged by iBoxx and 0.65% charged by PowerShares.
"SSgA is a pioneer in the ETF market and we are pleased to join them in bringing the first actively-managed senior loan ETF to investors," Blackstone's Lee Shaiman said.
PowerShares' fund has $2.9 billion in assets and the iBoxx fund, which debut in November, $60 million.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...