is making a bigger push into the 401(k) business.
A press release yesterday from Manning & Napier
] offers additional information about the mutual fund firm's first series of target-date collective funds that use ETFs as underlying investments, reported last week by our sister publication 401kWire
The ten Goal Collective Investment Trust Funds
, which will be overseen by the company's senior research group, will be actively managed but offered with an expense ratio of 34 basis points, excluding ETFs fees.
"The ETF market has matured to a point where we can actively manage the funds, and this maturity is now allowing us to price the offering at a level more in line with passively managed products," stated CEO Patrick Cunningham
The funds will also initially be offered with a single, no revenue share unit class (U class) to provide the highest degree of fee transparency.
Correction: A prior version of this story mischaracterized Manning's new target-date funds. They are the mutual fund shop's first ETF-based series of target-date collective funds.
Stay ahead of the news ... Sign up for our email alerts now