American Century Investments on Monday announced the expansion of its line of alternative mutual funds aimed at providing investors with more diverse sources of income.
The Kansas City-based investment firm also has created a brand for these funds called AC Alternatives.
The newest fund in this group is called the AC Alternatives Income fund. It is being managed by Perella Weinberg Partners Capital Management LP. Perella Weinberg is also expected to serve as an adviser in the coming months on two additional alternative mutual funds scheduled to be offered by American Century, according to the announcement.
American Century said two of its existing alternative funds — Equity Market Neutral and Market Neutral Value — have been rebranded under the AC Alternatives name.
The alternative funds invest in areas such as corporate credit, master limited partnerships and equity securities of dividend-paying companies.