Friday, March 20, 2009

News You Can Use: Allstate all out of target-date biz

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.

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