Northern Trust Asset Management has introduced a new generation of target date retirement funds, called Life Engineered Funds.
Available to defined contribution retirement plan sponsors in 12 collective trust funds, the new offerings will offer a comprehensive solution to participants that take the guesswork out of investing and builds a secure retirement.
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Northern Trust said that the Life Engineered Funds combine the expertise of Northern Trust’s factor-based Engineered Equity strategies and PIMCO’s active fixed income and inflation-sensitive strategies.
The funds will target participants who are retired or are planning to retire between now and 2060 and will include a combination of three distinct strategies namely growth, income and inflation sensitive.
The company added that the funds are available for participation only by certain retirement, pension, profit sharing, stock bonus, and trusts that are exempt from federal income taxation.
Northern Trust Asset Management president Stephen Potter said: "Life Engineered Funds leverage our unique factor-based investment approach – called Engineered Equity – and our demonstrated expertise in asset allocation.
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By GlobalData"This new series reflects our continued commitment to the retirement marketplace by providing an efficient and effective solution for DC participants to build for their life in retirement."
PIMCO head of retirement Rick Fulford said: "We believe the next generation target date funds, like Life Engineered, should seek to provide sufficient, reliable income."
Northern Trust CIO Bob Browne said: "Utilizing our proprietary glidepath, Life Engineered portfolios are designed to deliver the right blend of growth, income and risk at the right time depending on where you are in your retirement journey. This investment solution was developed to help grow retirement assets and protect a portfolio’s purchasing power, ultimately to generate more retirement income."
Northern Trust Asset Management global head of defined contribution Sabrina Bailey said: "Our Life Engineered Funds give plan sponsors a solution that takes the guesswork out of retirement investing for their participants. By focusing on taking the right risk at the right time, we believe investors can increase the probability of successful outcomes."
