The two largest funds in the segment — the $ 15 billion iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the $ 9 billion SPDR Bloomberg Barclays High Yield Bond ETF (JNK)-- have
faced sizable asset outflows as investors fret over high valuations and rising interest rates.
Seabrook is
facing accusations that Jona Rechnitz, one of two businessmen named in the burgeoning municipal corruption scandal, helped him put a
sizable chunk of the union's
assets into the Platinum Partners hedge fund to which Rechnitz has ties.