MINNEAPOLIS - American Express Institutional Services has expanded to 21 the number of non-proprietary mutual funds that will be offered to its full service bundled defined contribution clients. Bob Richey, senior vice president of investments, said the SmartPartners fund alliance was expanded from 10 outside fund offerings and 18 American Express funds.
The expansion will give defined contribution plan sponsors a broader range of investment choices and allow plans to meet risk/return objectives.
The new offerings - 13 new funds from 11 fund families - will be included in SmartPartners as a "best in class" group of top performing/top quartile funds, he said.
American Express also has made its institutional retirement investment products available to outside 401(k) service providers such as banks, insurance companies, consultants and third party administrators.