VALLEY FORGE, PA — Wellington Management, Vanguard and Blackstone (NYSE: BX) launched two closed-end funds through Bank of America’s wealth platforms, widening access to portfolios that combine publicly traded securities with private-market assets.
The WVB All Markets Fund will allocate across public equities, fixed income, index strategies and Blackstone’s private-market platform. The fund will trade under the tickers WVBIX, WVBAX and WVBMX.
The WVB Blackstone All Privates Fund will offer a single allocation spanning private equity, infrastructure, real estate and credit.
Both funds will initially be available to eligible clients of Merrill and Bank of America Private Bank. The firms also expect to pursue distribution through registered investment advisers and other wealth-management channels.
The launch reflects growing efforts by asset managers and brokerage firms to bring private-market investments, historically concentrated among institutions, into portfolios managed for high-net-worth and mass-affluent investors.
Wellington will serve as investment manager for both funds. Blackstone and Vanguard are not sponsors, investment advisers, sub-advisers, underwriters or affiliates of the funds.
Wellington will contribute active equity and asset-allocation capabilities, while Vanguard strategies will provide fixed-income and index exposure. The funds will also invest through Blackstone’s perpetual private-market platform.
Mark Sutterlin, head of alternative investments at Merrill and Bank of America Private Bank, described the funds as a response to client demand for broader private-market access.
“Our clients are increasingly seeking broader access to private markets and for thoughtful ways to implement these strategies over time,” Sutterlin stated.
The alliance is also exploring additional investment structures for retirement savers, financial advisers and individual investors.
Private-market assets can offer diversification beyond public stocks and bonds, but they may also carry limited liquidity, complex valuations and higher fees. Investors are directed to the funds’ prospectuses for a full discussion of risks, charges and expenses.
Blackstone President and Chief Operating Officer Jon Gray characterized the products as a way to combine the firm’s private-market platform with Wellington’s portfolio management and Vanguard’s public-market strategies.
“These new solutions bring together the performance and scale of Blackstone’s private markets platform with the exceptional strengths of Wellington and Vanguard,” Gray stated.
Prospectuses are available by calling 888-287-3403 or visiting http://www.wvbfunds.com/. The funds are distributed by Foreside Fund Services LLC and are available only to U.S. investors.
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