Old Mutual Asset Management is shutting down its series of 12 target-date funds, according to an SEC filing.
The series' board of trustees today approved a plan to liquidate assets of each fund; the liquidations are not subject to shareholder approval.
The funds will no longer accept investments from new investors after Oct. 7, and will begin liquidating their assets Nov. 9, the filing said.
The company, according to the filing, said it anticipates completing the liquidations “on or around the close of business” Dec. 7.
A company official was not immediately available for comment.
