A giant broker-dealer is quintupling its proprietary mutual fund lineup this year.
In fall 2013 Edward Jones launched
its first proprietary mutual fund, the Bridge Builder Bond Fund
, and pulled in a whopping $2.8 billion into the fund in October 2013 alone. Then in December 2014 the St. Louis-based B-D unveiled
plans to launch four more mutual funds, all subadvised equity strategies using the same Bridge Builder brand, by mid-2015. Then this week Edward Jones asked
the SEC for a little more time to launch the new funds.
It's all thanks to the growth of Edward Jones' now-$128-billion Advisory Solutions
program. Bruce Kelly of InvestmentNews highlighted
the planned funds, which will be advised by Edward Jones affiliate Olive Street Investment Advisers
and subadvised by three to five shops each. Baird, J.P. Morgan, and Pru subadvise the Edward Jones bond fund.
Edward Jones supports about 12,000 financial advisors.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now