An asset management arm of a large insurer is responding to consumer interest in age-adjusted investment vehicles.
Nationwide Fund Advisors, Conshohocken, Pa., a unit of Nationwide Financial Services Inc., Columbus, Ohio, hopes to begin selling 10 Nationwide Target Destination Funds by Sept. 30.
Nationwide Fund has just filed a registration statement for the funds with the U.S. Securities and Exchange Commission.
The family includes 9 funds aimed at consumers who want to begin drawing on funds in 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045 or 2050.
The family also includes a retirement income fund for consumers who already are drawing on fund assets.
Nationwide is buying asset-allocation consulting services for the funds from Ibbotson Associates Inc., a unit of Morningstar Inc., Chicago.