ETF issuer Pacer has gone over USD9 billion in assets under management (AUM) and also announced the acquisition of Pacific Global ETFs’ fund, the Pacific Global Senior Loan ETF (ticker: FLRT).
Effective immediately, the fund will be renamed the Pacer Pacific Asset Floating Rate High Income ETF. The ticker will remain the same and the annual expenses will be lowered.
“Our rapid growth over this short period speaks to the unique investment opportunities we offer, as well as the efforts of our team,” says Pacer ETFs Distributors President Sean O’Hara. “Through the addition of FLRT, we hope to provide a unique fixed-income strategy to advisors who are seeking an attractive solution in a yield-starved environment, especially one designed for a rising-rate world.”
Since the beginning of 2021, Pacer has added 13 funds and brought in over USD3.3 billion in assets. Pacer’s most recent acquisition represents the firm’s resiliency and commitment to providing investors and advisors with unique strategies. The goal of FLRT is to offer investors a high level of current income by investing predominantly in floating-rate loans of non-investment-grade companies, which can serve as both an income driver and a hedge against rising interest rates. One key difference of the FLRT strategy will be that, in addition to investing in senior floating-rate loans, the ETF will now also invest in other adjustable-rate securities.
“We are pleased to work with Pacific Asset Management to enhance the fund’s strategy and deliver a unique ETF to a wider audience of advisors and investors,” shares Joe Thomson, founder and president of Pacer Financial. “I’d like to recognise and thank all of our advisers, investors and partners who have supported Pacer over time. We appreciate your support and look forward to creating even more relationships and offering more leading solutions that meet your needs.”