BOSTON Fidelity Investments Institutional Services Co. has launched the first open-end floating-rate mutual fund.
The Fidelity Advisor Floating Rate High Income Fund invests primarily in floating-rate loans and debt securities, the company said.
With more than $30 billion of assets, floating-rate funds represent one of the largest fixed-income categories.
The open-ended structure allows investors to make daily purchases and redemptions, said Peter Herlihy, senior vice president of Fidelity Investments Institutional Services Co.
Christine McConnell is the portfolio manager. She joined Fidelity in 1987 as a high-yield bond analyst and became a portfolio assistant for the Fidelity Spartan High Income Fund in 1992.