UBS Plans to Offer NextSharesTM Exchange-Traded Managed Funds
July 13 2016 - 8:00AM
Business Wire
UBS Financial Services Inc. and NextShares Solutions LLC
(NextShares Solutions), a wholly owned subsidiary of Eaton Vance
Corp. (Eaton Vance), announced today that UBS Financial Services
plans to offer NextSharesTM exchange-traded managed funds
(NextShares) as part of its solutions set for clients. As a result,
UBS will become the first full-service wealth manager to offer
NextShares through its financial advisor network. In addition, UBS
Asset Management (Americas) plans to enter into an agreement with
NextShares Solutions to support the development and launch of
UBS-sponsored NextShares funds in 2017.
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NextShares, an innovative way to invest in actively managed
strategies, offer the potential for benchmark-beating returns by
applying their manager’s proprietary investment research. As
exchange-traded products, NextShares may offer cost and tax
efficiencies that can enhance shareholder returns. Along with UBS
Asset Management, NextShares are expected to be offered by a range
of well-known asset managers and across fund asset classes. The
first NextShares funds began trading on the Nasdaq Stock Market LLC
earlier this year.
“At UBS our foremost commitment is to provide our clients with
the advice and solutions they need to meet their investment
objectives,” said Tom Naratil, President of UBS Americas and WMA.
“By leading the introduction of NextShares, we enable UBS's
financial advisors to take advantage of the latest advances in fund
design, with lower expenses and more tax efficiency.”
“We are pleased to support UBS in its plans to launch
NextShares,” said Thomas E. Faust Jr., Chairman and Chief Executive
Officer of Eaton Vance. “UBS’s commitment to doing what’s best for
clients makes them an ideal partner for NextShares Solutions and
Eaton Vance. Today's announcement is a major milestone in the
development of NextShares.”
About UBS
UBS is committed to providing private, institutional and
corporate clients worldwide, as well as retail clients in
Switzerland, with superior financial advice and solutions while
generating attractive and sustainable returns for shareholders. Its
strategy centers on its Wealth Management and Wealth Management
Americas businesses and its leading universal bank in Switzerland,
complemented by its UBS Asset Management business and its
Investment Bank. These businesses share three key characteristics:
they benefit from a strong competitive position in their targeted
markets, are capital-efficient, and offer a superior structural
growth and profitability outlook. UBS's strategy builds on the
strengths of all of its businesses and focuses its efforts on areas
in which it excels, while seeking to capitalize on the compelling
growth prospects in the businesses and regions in which it
operates. Capital strength is the foundation of its success.
UBS is present in all major financial centers worldwide. It has
offices in more than 50 countries, with about 35% of its employees
working in the Americas, 36% in Switzerland, 17% in the rest of
Europe, the Middle East and Africa and 12% in Asia Pacific. UBS
Group AG employs about 60,000 people around the world. Its shares
are listed on the SIX Swiss Exchange and the New York Stock
Exchange (NYSE).
UBS Wealth Management Americas. Wealth Management
Americas is one of the leading wealth managers in the Americas in
terms of financial advisor productivity and invested assets. It
provides advice-based solutions and banking services through
financial advisors who deliver a fully integrated set of products
and services specifically designed to address the needs of
ultra-high net worth and high net worth individuals and families.
It includes the domestic U.S. and Canadian business as well as the
international business booked in the U.S.
UBS Asset Management. UBS Asset Management is a
large-scale asset manager with a presence in 22 countries. It
offers investment capabilities and investment styles across all
major traditional and alternative asset classes to institutions,
wholesale intermediaries and wealth management clients around the
world. It is a leading fund house in Europe, the largest mutual
fund manager in Switzerland, the third-largest international asset
manager in Asia, the second largest fund of hedge funds manager and
one of the largest real estate investment managers in the
world.
About NextShares Solutions and Eaton Vance
NextShares Solutions is a wholly owned subsidiary of Eaton
Vance, formed to develop and commercialize NextShares. Aspects of
the operation of NextShares are protected intellectual property
owned by NextShares Solutions. For more information, visit
nextshares.com.
Eaton Vance (NYSE: EV) is a leading global asset manager whose
history dates to 1924. With offices in North America, Europe, Asia
and Australia, Eaton Vance and its affiliates managed $318.7
billion in assets as of April 30, 2016, offering individuals and
institutions a broad array of investment strategies and wealth
management solutions. For more information, visit
eatonvance.com.
The information contained herein is provided for informational
purposes only, is not intended as investment or tax advice, and
does not constitute a solicitation of an offer to buy or sell
specific securities.
Shares of NextShares funds are normally bought and sold in the
secondary market through a broker, and may not be individually
purchased or redeemed from the fund. In the secondary market,
buyers and sellers transact with each other, rather than with the
fund. These transactions do not affect the fund or its investments.
When a NextShares fund does issue or redeem shares, the
transactions are made through designated authorized participants
and are normally in kind when practicable, meaning that the fund
receives or delivers securities rather than cash. By transacting in
kind, a NextShares fund can lower its trading costs and enhance
fund tax efficiency by avoiding forced sales of securities to meet
redemptions. As exchange-traded securities, NextShares can operate
with low transfer agency expenses by utilizing the same highly
efficient share processing system as used for exchange-listed
stocks.
Market trading prices of NextShares are linked to the fund’s
next-computed net asset value (NAV) and will vary from NAV by a
market-determined premium or discount, which may be zero. Buyers
and seller of NextShares will not know the value of their purchases
and sales until after the fund’s NAV is determined at the end of
the trading day. Market trading prices may vary significantly from
anticipated levels. NextShares do not offer investors the
opportunity to buy and sell intraday based on current (versus
end-of-day) determinations of fund value. NextShares trade
execution prices will fluctuate based on changes in NAV. Although
limit orders may be used to control trading costs, they cannot be
used to control or limit trade execution prices. As a new type of
fund, NextShares have a limited operating history and may initially
be available through a limited number of brokers. There can be no
guarantee that an active trading market for NextShares will develop
or be maintained, or that their listing will continue unchanged.
Buying and selling NextShares may require payment of brokerage
commissions and expose transacting shareholders to other trading
costs. Frequent trading may detract from realized investment
returns. The return on a shareholder’s NextShares investment will
be reduced if the shareholder sells shares at a greater discount or
narrower premium to NAV than he or she acquired the shares.
NextShares funds issue and redeem shares only in specified creation
unit quantities in transactions by or through authorized
participants. In such transactions, a fund issues and redeems
shares in exchange for the basket of securities, other instruments
and/or cash that the fund specifies each business day. The basket
is not intended to be representative of the fund’s current
portfolio positions and may vary significantly from current
positions.
NextSharesTM is a trademark of NextShares Solutions LLC. All
rights reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160713005447/en/
UBSGregg Rosenberg,
212-713-8842Gregg.rosenberg@ubs.comorNextShares SolutionsRobyn
Tice, 617-672-8940rtice@nextshares.com
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