Putnam Investments is now offering a series of sustainable target-date funds for the retirement market.
The asset manager announced Friday the launch of Putnam Sustainable Retirement Funds, which will invest in actively managed sustainable and environmental, social and governance-focused exchange-traded funds managed by Putnam. Putnam Sustainable Retirement Funds will invest in ETFs across the asset classes managed by the firm.
Putnam says the funds, which are a revamp of its RetirementReady TDFs, will adhere to a retirement glide path philosophy similar to that of the firm’s other target-date offering, Putnam Retirement Advantage, a series that offers vintages for every five years from 2025 through 2065, along with a maturity fund.
The same team that manages the Putnam Retirement Advantage will be responsible for the glide path and both the tactical and ETF allocations of the Putnam Sustainable Retirement target-date suite.
Putnam is launching the new TDF series in the wake of the Department of Labor’s new rule for retirement plans taking effect last week; the rule allows retirement plan sponsors to consider ESG factors when vetting investments.
“As the retirement marketplace continues to evolve and grow, there is tremendous appetite for meaningful product innovation that creates greater choice of offerings to help working Americans achieve their financial goals,” Robert L. Reynolds, president and CEO of Putnam Investments, said in a statement.
Steven P. McKay, Putnam’s head of global defined-contribution investment only, noted in the statement the "growing interest' in ESG investing in defined-contribution plans.
“We are excited to deliver this innovative approach to target-date investing to the retirement savings marketplace," McKay said.
Putnam had over $170 billion in assets under management at the end of January, according to the company.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
