J&W Seligman Inc. said it has introduced three mutual funds that invest in exchange-traded funds and are aimed at helping people save for retirement.
The new offerings are structured as funds-of-funds that invest substantially all their assets in ETFs, which are similar to mutual funds but that trade throughout the day.
The TargETFund Core fund is intended for people who are retired or who expect to retire shortly or expect to draw down invested assets. The TargETFund 2015 and TargETFund 2025 funds are aimed at people who plan to retire or reach their retirement goals around those years.
The funds are managed by Charles Kadlec, president of Seligman's Seligman Advisors Inc. unit, and Jack Cunningham, J&W Seligman's chief investment officer. The funds offer five share classes and require minimum initial investments of $1,000.