Feb. 25--A year ago two Fort Lauderdale financial advisers helped ring the closing bell of Nasdaq to celebrate a real estate trust merger.
Now C. Grant Conness, 36, and Andrew Costa, 32, will help ring on Tuesday the opening bell -- this time at the New York Stock Exchange -- to help celebrate a successful launch of an Exchange-Traded Fund or ETF.
The two helped sell Newfleet Multi-Sector Income ETF, that trades as MINC on the New York Stock Exchange.
Clients at their Oakland Park Boulevard firm, Global Wealth Management, like it for being a low-risk fund of mostly short-term bonds that pays out more than a savings account or a certificate of deposit at a bank, Conness said. The ETF, started last March, is paying about 3.1 percent a year, compared to the top rate of a CD peaking at just over 2 percent, according to North Palm Beach-based Bankrate.com.
"It's worked well with our clients' portfolios," Conness said.
Sarasota-based Global Financial Private Capital worked with AdvisorShares, an ETF developer, to create the new fund when it became apparent that interest rates would stay low for awhile longer, said Global President Geoffrey A Frazier.
Conness and Costa worked to give it a successful launch, Frazier said. The ETF now has about $105 million invested, Frazier said. "It's been very well received," he said.
Last year, Costa American Realty Capital Properties asked Conness and Costa to be part of the closing Nasdaq ceremony when the company celebrated its acquisition of a non-traded real estate investment trust that has a similar name -- American Realty Capital Trust III.
The two Broward money managers were credited with helping raise the capital for the acquired REIT.
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