State Street Global Advisors (SSgA) and JP Morgan Asset Management (JPMAM) have confirmed their plan to enter the UK target date fund (TDF) market.
According to publication Professionalpensions, SSgA was set to launch a TDF in the UK marketplace by the end of 2013, but was unable to provide any details or the differences between its UK and US offerings.
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TDFs are seen as a direct alternative for traditional lifestyling strategies in defined contribution (DC) schemes.
TDFs will focus on a specific retirement date, providing a leeway of three to five years, rather than a strategy based on age.
SSGA and JPMAM will be joining six other providers in this market which currently has assets under management of approximately £4 billion, according to Defaqto Guide to Target Date funds issued in June.
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