New closed-end funds arrive just in time for turbulenceAaron Pressman
The closed-end fund market has been busy the past few months rolling out some monster new products to feed the need for higher yield. Eaton Vance last November sold $2.6 billion of shares in its Tax-Managed Diversified Equity Income Fund (Symbol: ETY), the biggest initial public offering of its kind at the time, according to Marketwatch. Then in January, Alpine's Total Dynamic Dividend Fund (AOD) raised $4 billion. Last week, Eaton Vance was back with a sequel, the $5.5 billion Tax-Managed Global Diversified Equity Income Fund (EXG), similar to its November predecessor but buying stocks -- wait for it -- globally.
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