Products August 17, 2010

BB&T Offers FDIC-Insured Deposit Program to 401(k)s

BB&T has introduced a new FDIC-insured deposit program (IDP) to its 401(k) retirement plan sponsors and participants.

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A press release said the offering is part of BB&T’s effort to expand investment offerings to retirement plan sponsors, improve the selection of 401(k) investments for plan participants, and provide an attractive alternative to money market funds for participants whose retirement accounts are heavily weighted in cash.  

“Now, more than ever, investors seek to find a safe investment vehicle to invest cash balances, while earning a competitive return. We believe the BB&T Insured Deposit Program will provide a safe alternative to money market funds and expand investment choices to participants,” said Ray McCulloch, BB&T Institutional Services Executive Vice President, in the announcement.  

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Funds invested in the IDP are treated as deposits and are insured by the FDIC for up to $250,000 per individual, per account.   

For more information, call 1-800-866-2288.
Deals & People August 16, 2010

Transamerica Teams with AllianceBernstein to Launch Dynamic Allocation Fund

Transamerica Asset Management Group says it will offer the Transamerica AllianceBernstein Dynamic Allocation VP fund. 
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The fund, which is sub-advised by AllianceBernstein L.P., has approximately $70 million in assets and is offered in two classes: Initial Class and Service Class with net operating expenses of 82 bps and 107 bps respectively, according to the announcement.

The fund’s investment objective is to seek capital appreciation and current income, and it utilizes a Dynamic Asset Allocation strategy, which makes short-term adjustments to the fund’s asset mix of individual securities, underlying exchange traded funds, forwards, swaps and futures “to achieve targeted exposure to domestic equities, international equities, domestic bonds, international bonds and foreign currency,” according to a press release.  “This approach seeks to generate improved returns per unit of volatility, as compared to those from fixed weight or rules-based models,” according to the announcement.

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“Our investment manager selection process enabled us to identify this strategy offered by AllianceBernstein,” stated John K. Carter, Transamerica Asset Management, Inc.’s President and CEO. “We believe this fund offering will provide an investment solution that offers less volatility and competitive returns.”

Transamerica Capital, Inc. will lead the distribution effort for the fund which will be offered through Transamerica and other affiliated variable annuity contracts and variable life insurance policies.

 

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