American Express launches new high yield fund

New York, June 19 - American Express Financial Corp. launched a new high yield bond fund, one of three new products announced Thursday.

Called the AXP Income Opportunities Fund, it will invest primarily in income-producing debt securities, preferred stocks and convertible securities, with an emphasis on the higher rated segment of the high-yield market.

It will be managed by a team led by Brian Lavin.

The portfolio will use the Merrill Lynch U.S. high yield cash pay BB-B rated constrained index as a benchmark. It will invest only in securities rated B or higher or unrated securities believed to be of the same quality.

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