Financial Services Industry
Industry: Email Alert RSS FeedAmerican Funds to offer target date funds; Tough competition expected from established firms.(News)
Investment News, December, 2006
Byline: Kathie O'Donnell BOSTON - American Funds, which long has resisted calls from retirement plan sponsors and others to offer target date retirement funds, plans to do just that early next year. Although the funds are unlikely to steal major assets from established players, they'll offer stiff competition to other newcomers, experts say.
Capital Research and Management Co., American Funds' adviser, plans to roll out nine target date - or life cycle - funds in February, pending regulatory approval. The funds are targeted to retirement dates in five-year increments from 2010 to 2050, and each will be a fund of funds that uses American's funds as the underlying investments. Designed for the retirement plan market, the funds automatically will...
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