Dimensional Fund Advisors converted two more of its equity mutual funds into exchange-traded vehicles, further boosting the quant giant’s heft in the $6.8 trillion arena.
The Austin, Texas-based firm’s Tax Managed DFA International Value Portfolio and its T.A. World ex U.S. Core Equity Portfolio are now the Dimensional International Value ETF (DFIV) and Dimensional World ex U.S. Core Equity 2 ETF (DFAX), respectively, according to a press statement Monday.
The move adds two more funds and about $8.1 billion in assets to Dimensional’s ETF lineup. The firm founded by David Booth now boasts nine ETFs worth around $40 billion, according to data compiled by Bloomberg.
In June, Dimensional became only the second U.S. issuer to pull off a conversion, transforming $29 billion worth of mutual funds into ETFs in an industry record. The asset manager -- which controls $660 billion -- has aggressively targeted the ETF universe since launching its first products last November, touting the structure’s tax advantages and client demand.
Citigroup analysts said in a June forecast that Dimensional’s conversions would be one of several factors behind a $21 trillion shift from mutual funds to ETFs over the next decade. Bloomberg Intelligence expects $1 trillion worth of such switches to take place over the next 10 years.
JPMorgan Asset Management has announced plans to switch four funds with $10 billion in assets into ETFs next year.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
