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Wednesday, September 4, 2013

BMO Unveils New Crop of Retirement Funds

Reported by Nicole Spector

Five new open end mutual funds have cropped up at BMO Global Asset Management. The Chicago-based firm has unveiled the following, all available in multiple share classes: BMO Target Retirement 2010 Fund; BMO Target Retirement 2020 Fund; BMO Target Retirement 2030 Fund; BMO Target Retirement 2040 Fund, and BMO Target Retirement 2050 Fund.

The retirement-minded quintet are a direct result of the transition of the BMO Managed Asset Allocation Program (MAAP) target date collective funds into traditional mutual funds, which went into effect on August 30. No PM changes or shifts in fund policy have been made. The key change lies in the availability and accessibility of information; as mutual funds, performance facts and other details about these products can be publicly viewed by investors.

Matt Smith, the managing director of BMO Retirement Services, says that the conversion "makes [BMO's] existing retirement investment solutions more attractive and user-friendly for [its] plan sponsor clients.  

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