Callan Associates will serve as adviser on a new series of target maturity collective funds for defined contribution participants. The Callan GlidePath series will be managed by nine firms. Callan teamed with AST Capital Trust, which will be custodian and also assist with distribution, said Greg Allen, president and director of research at Callan.
The underlying managers are: Mellon Capital Management, passive U.S. fixed income benchmarked against the Lehman Aggregate; SSgA, stable value, passive large-cap equity benchmarked against the Russell 1000 index, passive TIPS and passive international equity; Wellington Management and Goldman Sachs Asset Management, active domestic small-cap core equity; Dodge & Cox and Capital Guardian, active international equity; Western Asset Management, active TIPS; Pyramis Global Advisors, core-plus fixed income; and Prudential Investment Management, direct real estate.
The target-date funds will be offered in five-year increments, 2005 through 2045.