NEW YORK, Nov. 20, 2017 /PRNewswire/ -- UBS Financial
Services Inc. (UBS) and NextShares Solutions LLC (NextShares
Solutions), a wholly owned subsidiary of Eaton Vance Corp. (Eaton
Vance), announced today the availability of NextSharesTM
exchange-traded managed funds (NextShares) through the UBS
brokerage platforms and UBS Strategic Advisor, a non-discretionary
advisory program. UBS is the first full-service wealth manager to
offer NextShares through its financial advisor network.
NextShares are an innovative way to invest in actively managed
strategies across fund asset classes, offering 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. The first NextShares funds began trading on the Nasdaq
Stock Market LLC in early 2016.
"UBS is committed to finding innovative ways to provide our
clients with the advice and solutions they need to meet their
investment objectives," said Sam
Descovich, Head of Capital Markets Solutions, UBS Wealth
Management Americas. "Leading the introduction of NextShares, will
enable UBS's financial advisors to take advantage of the benefits
of active management and the latest advances in fund design, with
the potential for lower expenses and the tax efficiencies of
exchange-trading."
"We are pleased to support UBS in its plans to launch
NextShares," said Stephen W. Clarke,
President of NextShares Solutions. "UBS's commitment to doing
what's best for clients makes them an ideal partner for NextShares
Solutions and Eaton Vance."
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.
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 $419.3 billion in
assets as of September 30, 2017,
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. Nothing contained herein constitutes a recommendation or
solicitation of, or an offer to buy or sell, any security,
investment product or service. The information included herein is
not representative of any specific fund or other investment.
Individual investors or their authorized advisors are solely
responsible for determining whether any investment, investment
strategy, security or related transaction is appropriate for them
based on their personal investment objectives, financial
circumstances and risk tolerance. Information contained herein
should not be used or relied upon by anyone as a substitute for
independent research or professional tax, financial or legal
advice.
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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SOURCE Eaton Vance Corp.