A new version of a model-based, portfolio management tool is being offered to broker-dealers seeking increased efficiencies when establishing, building, and maintaining fixed-income portfolios for retail investors as an alternative to traditional money managers or bond funds.

BondWave LLC, a Lisle, Ill.-based provider of fixed-income portfolio management solutions, launched Version 2.0 of its proprietary product - Program Portfolio Manager - earlier this month. The automated portfolio-management tool enables broker-dealers to create and manage portfolios comprised of individual bonds designed to meet the specific needs of their mom and pop investors, based on target criteria for yield, structure, and risk.

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