IN BRIEF

September 01, 2008 at 04:00 AM
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Morgan Stanley Investment Management has introduced the Morgan Stanley Commodities Alpha Fund. The actively managed mutual fund, according to the company, offers high-net-worth investors the opportunity to gain direct access to the potential return and portfolio diversification benefits of the commodities market and the expertise of MSIM's Quantitative and Structured Solutions investment team.

It seeks to generate the returns of the Dow Jones AIG Commodity Index (DJAIG) and to produce incremental returns from an actively managed multi-strategy alpha engine via exposure to the commodities market through investments in commodities-linked instruments as well as fixed-income securities, including money market instruments.

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The board of trustees for the $9.3 billion Vanguard International Value Fund has added Edinburgh Partners Limited to the fund. Edinburgh Partners, which uses a concentrated, low turnover, value-oriented investment approach, is an investment management firm based in Edinburgh, Scotland, with $7.9 billion in assets under management.

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John Hancock Funds intends to restructure some $1.6 billion of leverage used by five of its seven leveraged closed-end funds. The company's board of trustees recently approved a plan whereby a third party commercial bank has agreed to provide a credit facility to enable a refinancing of five leveraged John Hancock closed-end funds. The facility will be used to redeem and replace 100 percent of the outstanding Auction Rate Preferred Securities (ARPS) of the five taxable equity funds and to change the form of leverage from ARPS to debt.

Janet Levaux, MBA/MA, is the managing editor of Research; reach her at [email protected].

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