Van Kampen unveils target-date funds

Van Kampen Funds Inc. today announced the launch of the Van Kampen Retirement Strategy Funds, a new series of target date funds. The firm, a subsidiary of Chicago-based Van Kampen Investments Inc., said in a statement that the funds will use Van Kampen’s asset allocation model and the objective process of Tacoma, Wash.-based Russell Investments to identify and access institutional asset managers. “The market is evolving to the next generation of target date funds, where asset allocation founded on pension principles, multifirm management and a broad range of asset classes are essential elements,” said Andrew Scherer, managing director of U.S. intermediary retail and sales for Van Kampen.