Putnam Investments launched a new target-date suite for workplace retirement savings plans that invests in actively managed sustainable and ESG-focused exchange-traded funds, the asset manager announced in a news release Friday.
The new series of Putnam Sustainable Retirement Funds replaces a previous "RetirementReady" target-date suite, which offered traditional, non-sustainable mutual funds as the underlying investments, a spokesman said.
The new suite invests in ETFs across all asset classes and is managed by the same global asset allocation team that oversees Putnam's other target-date series.
"There is growing interest in sustainable investing within the defined contribution realm, and we are excited to deliver this innovative approach to target-date investing to the retirement savings marketplace," said Steven McKay, Putnam's head of global defined contribution investment only and institutional management, in the news release.
Putnam has over $170 billion in assets under management and more than $6.2 billion in target-date funds, the spokesman said.