Janus Readies ETF; Edward Jones Pushes Back Fund Rollouts

Broker-dealer Edward Jones filed a request with the SEC to extend the registration for four Bridge Builder equity funds with a large-cap growth, large-cap value, small/mid-cap growth and small/mid-cap value focus.

The group launched its Bridge Builder Bond Fund (BBTBX) in 2013. It has about $8.3 billion in assets, according to Morningstar, and is up 1.27% year to date after improving 5.91% in 2014.

According to Edward Jones, which has roughly 13,000 advisors, the Bridge Builder funds are only available to clients of its fee-based Advisory Solutions program, which had some $128 billion in assets in late 2014.

Olive Street Investment Advisers, an Edward Jones affiliate, will be the investment advisor to the new funds. Olive Street is establising the funds' investment strategies and will select one or more asset management firms, also known as subadvisors, for the day-to-day individual security selection and trading. Initially, the new funds are expected to have three to five subadvisors each.

The Bridge Builder Bond Fund has been subadvised by J.P. Morgan Investment Management Inc., Prudential Investment Management Inc., and Robert W. Baird & Co., and the Bridge Builder funds are distributed by Quasar Distributors, which is not affiliated with Edward Jones.

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