The Markets October 20, 2007

Retirement Assets Reach $16.6T

Individuals in the U.S. have $16.6 trillion in retirement accounts, and asset allocation funds are a growing percentage of that savings.
Reported by

ICI reports that the $16.6 trillion figure is for the first quarter of 2007, an increase from $16.4 trillion at the end of 2006, according to new quarterly figures from the Investment Company Institute (ICI).

Plan Types

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Individual retirement accounts (IRAs) held the greatest amount of retirement assets in the first quarter, with $4.3 trillion, up from $4.2 trillion at year-end 2006. Mutual funds managed 47% of IRA assets.

The figures show that 401(k) plans held $2.75 trillion of retirement assets, compared to $4.16 trillion that was placed in all employer-based defined contribution plans. Those amounts are up from $2.7 trillion and $4.08 trillion, respectively.

Investment Vehicles

Mutual funds managed $2.16 trillion in assets in 401(k), 403(b), and other defined contribution plans in the first quarter, up from $2.10 trillion at year-end 2006. Mutual funds manage more than half (52%) of all DC assets.

Lifecycle funds managed $133 billion at the end of the first quarter of 2007, compared to $114 billion at year-end 2006, according to the ICI figures, while lifestyle funds managed $204 billion at the end of March, up from $189 billion at the end of 2006.

This is the first time that ICI has released quarterly figures on retirement savings asset totals.

More information is available here.

The Markets October 20, 2007

Janus Fund to Get New Pilot

Janus Capital Group Inc. has announced that David Corkins, portfolio manager of Janus Fund, is leaving the firm to pursue other opportunities.
Reported by

Conkins, who is also portfolio manager for the Janus Adviser Large Cap Growth Fund, Janus Aspen Large Cap Growth Portfolio and related products for retail and institutional clients, will transition the funds to his successor, Jonathan Coleman, who manages Janus Enterprise Fund and its related portfolios. Coleman will no longer manage Janus Enterprise Fund and its related portfolios, but will remain a Co-Chief Investment Officer of Janus, according to a press release.

Other Changes

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

As lead portfolio manager of Janus Fund, Coleman will be assisted by Co-Portfolio Manager Dan Riff, who will continue as a Co-Portfolio Manager of Janus Adviser Long/Short Fund and Janus’ Institutional Long/Short portfolio. Brian Demain, an assistant portfolio manager and protégé of Coleman, will succeed him as portfolio manager of Janus Enterprise Fund and the company’s mid-cap growth portfolios.

The portfolio management changes are effective November 1, 2007.

The announcement comes less than two months after Scott Schoelzel, portfolio manager of Janus Twenty Fund announced his intention to leave the fund – and the firm – at the end of the year after 14 years at Janus (see Janus Twenty Fund to Change Skippers).

«