RiverSource Investments, a subsidiary of Ameriprise Financial, is looking to put its newly launched target-date funds on recordkeepers’ platforms. Steve Moen, v.p. and head of defined contribution services, said the funds, which employ a funds-of-funds feature, will be available on Wachovia Retirement Solutions’ platform, but RiverSource doesn’t plan to stop there. Wachovia purchased the recordkeeping arm of Ameriprise in May (DCSPA, 5/8). He said RiverSource will add members to its sales team to focus on getting the funds onto recordkeeping platforms such as Fidelity Investments or Hewitt Associates. There are no discussions between RiverSource and either firm at the present time. RiverSource will look to sell the product through investment consultants and will call plan sponsors directly, he added.
Moen said the target date funds are comprised of nine RiverSource funds. The maturity dates start in 2010 and end in 2045, with five-year increments in between.