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, November 22, 2024 Bloomberg Powers a $245B-AUMS AM's New Thematic Fund The folks at a $245-billion-AUMS (as of October 31) fund firm near Chicago are rolling out an AI-focused thematic fund.
FAI's inception date was Wednesday (November 20), and the new fund's expense ratio is 65 basis points. As of yesterday, FAI had $1.507 million in AUM. The PM team for FAI includes: Jon Erickson, senior vice president at First Trust; Daniel Lindquist, managing director; David McGarel, chief investment officer, chief operating officer, and managing director; Chris Peterson, SVP; Erik Russo, vice president; Roger Testin, SVP; and Stan Ueland, SVP. Issakainen puts the launch of FAI in the context of what he describes as AI's undeniable "potential to dramatically boost productivity and efficiency across numerous applications." "While it's challenging to pinpoint the exact winners and losers at this early juncture, FAI aims to strike a balance between focused selectivity and diversification by investing in 50 stocks within the burgeoning AI ecosystem," Issakainen states. "With the Bloomberg Artificial Intelligence Index, we've created an equity benchmark of the top 50 companies in this space chosen through a combination of market capitalization and revenue assessment by Bloomberg Intelligence research," Stone states. FAI is a series of First Trust Exchange-Traded Fund II. The new ETF's other service providers include: Bank of New York Mellon as administrator, accounting agent, custodian, and transfer agent; Chapman and Cutler LLP as counsel; Deloitte & Touche LLP as independent accounting firm; and First Trust Portfolios L.P. as distributor. Printed from: MFWire.com/story.asp?s=68208 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
