Northern Trust Corp. of Chicago has added the Northern Bond Index Fund to its Northern Funds family.
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The fund seeks to achieve an overall duration and total return similar to the Lehman Brothers U.S. Aggregate Index, Northern Trust said Tuesday. It is designed for conservative, income-oriented high-net worth investors who want to diversify their fixed-income portfolios.
Northern now has 37 no-load domestic and international mutual funds. The new fund's net operating expense is 25 basis points.
Northern Trust manages more than $200 billion of quantitative strategies, including more than $40 billion of fixed-income securities.
