A $16.9-billion subadvised mutual fund family will liquidate this month in favor of a different product structure: collective funds.
| Bob Schultze|
President and Chief Executive Officer
Our sister publication 401kWire reports
that Vantagepoint Investment Advisers
to shut down the VantagePoint funds, with liquidations scheduled for October 3, October 7, and October 14 for the different series in the fund family. Vantagepoint is the mutual fund arm of Washington, D.C.-based ICMA-RC
, a retirement plan recordkeeper focused on state and local government defined contribution plans, called 457s.
ICMA-RC previously confirmed
plans to move the Vantagepoint Funds assets into collective investment trust funds (CITs), a mutual-fund-like bank product with more pricing flexibility and no Investment Company Act of 1940 looming over it. A company spokesman confirms to MFWire
that ICMA-RC is "on schedule" with the mutual-funds-to-CITs conversion.
The Vantagepoint funds include the Vantagepoint Milestone
target date fund series, which date back to 2005. And the multi-manager Vantagepoint Diversifying Strategy Fund
was launched in 2007.
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