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  2. DEFINED CONTRIBUTION
May 05, 2015 01:00 AM

Brightscope: Proprietary target-date funds continue to lose share

Robert Steyer
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    Proprietary target-date fund assets have lost their majority status among total target-date fund assets, said research published Tuesday by BrightScope, a firm that evaluates 401(k) plans.

    The percentage of proprietary target-date fund assets — those managed by a 401(k) plan’s record keeper — slipped to 50% of total mutual fund-based target-date fund assets in 2013, the last year information was available.

    In 2010, when BrightScope began measuring closed vs. open architecture assets in target-date funds, proprietary investments accounted for 57% of target-date fund assets. In 2011, it was 55%, and in 2012, 52%.

    “Sponsors are more willing to go off-platform,” Brooks Herman, head of data and research for BrightScope, said in an interview. “They are more cognizant of fees and different glidepaths.”

    Mr. Herman said the target-date asset research was based on BrightScope’s review of 10,000 401(k) plans.

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    December 12, 2022 page one

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