A couple months ago, the financial media was buzzing with the news that Fidelity Investments, the investment bank for wealthy individuals, had partnered with Zacks Investment Research to provide a $100,000 bond to help people buy real estate.
The bond was supposed to be available for those who want to purchase a home in their name but don’t have the money to pay a mortgage.
But according to sources, Zacks isn’t buying the bond and has canceled it, a move that could have a devastating effect on Zacks’ future investments.
According to a report by InvestorPlace, Zacks announced it will discontinue the Zacks Bond program and will no longer offer its customers this bond.
The company will also stop using the Zack Investment Research logo and logo for all future Zacks investment products.
Zacks said the decision was made after reviewing Zacks current and future investments and the performance of Zacks in the marketplace.
Zacks said in a statement that it is a “great partnership” with Fidelity and it is “disappointed” to see that it will not be able to continue providing its Zacks investors with this product.
“Fidelity has been a trusted and trusted partner with Zack for more than 20 years and is proud to have invested in their real estate investments,” Zacks Chairman and CEO Mike Ozzie said in the statement.
“However, as the market evolves, so does the need to manage and grow our portfolio in a way that will help us achieve our vision of investing in a diversified portfolio that can offer our customers the best return possible.”
In addition, Zards stock price is down more than $3,000, or more than half of its value, on Friday.
The bond will only be available to those who are able to get a mortgage on their home through the Fidelity Mortgage program, and it will be available until the end of 2019.
Fidelity said it is offering a new product, the Fiduciary Bond, which will be open to all Fidelity customers.