UBS to offer NextShares exchange-traded managed funds

UBS Financial Services Inc. will offer Eaton Vance Corp.'s NextShares exchanged-traded managed funds through its financial adviser network next year, becoming the first full-service wealth manager to do so. Additionally, UBS Asset Management (Americas) also plans to enter into an agreement with NextShares to develop and launch their own version of these hybrid funds, according to a statement. Launched earlier this year, the NextShares ETMFs have characteristics of exchange-traded funds as well as mutual funds. They can be traded throughout the day and have some of the cost-saving advantages of an ETF not found in a mutual fund, but don't disclose their holdings, unlike most ETFs. “By leading the introduction of NextShares, we enable UBS's financial advisers to take advantage of the latest advances in fund design, with lower expenses and more tax efficiency,” said Tom Naratil, president of UBS Americas and Wealth Management Americas in the statement.