Pacific Global Adds ETFs to Complement Flagship Fund
Pacific Global ETFs has added two income-focused exchange-traded funds (ETFs) to its suite of actively managed, income-focused investment strategies.
The new funds, Pacific Global International Equity Income ETF (NYSE Arca: IDY) and Pacific Global Focused High Yield ETF (NYSE Arca: FJNK), are designed to complement Pacific Global ETFs’ flagship fund, Pacific Global US Equity Income ETF (NYSE: USDY).
“We’re excited about the launch of our income-focused ETFs that build on the more than 150-year legacy of Pacific Life,” says Anthony J. Dufault, managing director of Pacific Global ETFs. “We constructed our ETFs with a focus on addressing investors’ needs for income-producing strategies, which is especially important with today’s low interest rates.”
Federated Investors Reorganizes Investments of PNC Capital Advisors
Federated Investors, Inc. has acquired certain components of the PNC Capital Advisors LLC (PCA) investment management business. The transaction involved the reorganization of 18 PNC equity, fixed-income and liquidity mutual funds into 16 corresponding Federated mutual funds and the transition of a five-person Cleveland-based international equity portfolio management team from PCA to Federated. The acquisition also included a portion of PCA’s separate account and separately managed account businesses.
The reorganization of $14.0 billion in assets comprised approximately $11.3 billion in liquidity assets, $2.3 billion in equity assets and $450 million in fixed-income assets. Each mutual fund reorganization was approved by PNC fund shareholders.
“This transaction builds upon Federated’s long-term relationship with PNC and provides the shareholders of the funds and other PNC customers access to Federated’s diverse range of investment strategies, proven performance and extensive customer service capabilities. Federated continues to seek alliance and acquisition opportunities in the U.S. and throughout the world,” says J. Christopher Donahue, president and chief executive officer of Federated Investors. “We also are pleased to offer the strong historical performance of the international funds to our customers as complements to our existing range of international equity options.”
The three fundamentally driven international equity funds that are now part of the Federated complex inherit the performance established by the Cleveland-based investment management team. Polaris Capital Management had served as sub-adviser to the value component of the PNC International Equity Fund and has been retained as sub-adviser for the Federated International Equity Fund.
More information on fund name changes can be found here.
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