The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Merrill Sets Record with Preferred Fund Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, April 04, 2003

Merrill Sets Record with Preferred Fund

by: Sean Hanna, Editor in Chief

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."  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use