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Alliance Readies New Corporate Fund

Alliance Capital Management has filed with the Securities and Exchange Commission to launch a mutual fund that will invest 80% of its net assets fund in U.S. corporate bonds.

Alliance Capital Management has filed with the Securities and Exchange Commission to launch a mutual fund that will invest 80% of its net assets fund in U.S. corporate bonds. A portion of the assets will also be invested in government securities, according to the filing for the new the AllianceBernstein Corporate Shares Fund.

The management of the fund will eventually fall under Larry Shaw, the head corporate portfolio manager, and his team.

"[The fund] is not our typical corporate bond fund," Shaw says, adding that it is being launched to provide smaller investors with an efficient way to invest in corporate bonds. Shaw declined to elaborate further citing pending SEC approval.

The new fund comes in addition to the AllianceBernstein Corporate Bond Fund, which was up 12.4% last year, according to Morningstar.

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