The news is going from bad to worse on target-date funds. Performance is flagging, and the latest from EBN's sister publication Money Management Executive: Allstate has decided to cancel its seven ClearTarget Retirement Funds after only 10 months, saying that it has decided to exit the target-date mutual fund business due to lackluster sales.
“This action is part of a strategy to reduce expenses at Allstate Financial and focus on a narrower set of products that meet everyday Americans’ protection and retirement needs and offer the greatest opportunity for Allstate Financial to compete effectively,” said an Allstate spokeswoman.
Friday, March 20, 2009
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