Ameriprise Readies Target-Date Funds

Ameriprise Retirement Services has filed documents with the Securities and Exchange Commission to launch a series of eight target-date mutual funds in April. The eight funds, staggered in five-year intervals for maturity dates, will be branded under Ameriprise Financial's RiverSource Investments moniker and employ a quantitative management style, according to the filing.

Last year target-date funds outsold lifestyle funds for the first time in more than five years, according to a recent study by Strategic Insight (DCSPA, 2/6) and more mutual fund providers are looking to add target date funds to their investment lineups this year.

Ameriprise intends to distribute the funds through its own proprietary defined contribution platforms and eventually other retirement plan providers, according to an insider who is familiar with the company's plans.