MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, April 4, 2003 Merrill Sets Record with Preferred Fund Fixed income remains hot. Just ask Merrill Lynch Investment Managers (MLIM). The fund arm of the wirehouse today said it has raised its largest closed-end fund offering ever after it took in more than an estimated $1 billion for its new Preferred Income Strategies Fund. MLIM started the offering period for the fund on March 25. The fund was primarily distributed through Merrill's network of financial advisors along with select third-party distributors, confirmed a spokesperson. One of the appeals of the fund, according to MLIM, was the fact that preferred securities offer both equity-like and bond-like characteristics to investors. "In today's low interest rate environment, preferred securities, which combine risk and return characteristics of both equity and fixed income investments, may be an attractive alternative for investors seeking to diversify their fixed-income portfolios," said Jerry W. Miller, chief operating officer of MLIM's proprietary retail business. The spokesperson was not able to comment on whether Merrill planned follow-on efforts to the fund in reaction to its success. John Burger, Robert Peterson and Thomas Musmanno, act as co-managers on the team-managed fund. It trades on the New York Stock Exchange under the ticker symbol "PSY." Printed from: MFWire.com/story.asp?s=4897 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |