American Funds Enters Target Date Market

American Funds has made its inaugural step into the target date fund market by adding nine funds to its retirement fund lineup.

The fund family’s adviser Capital Research and Management filed with Securities and Exchange Commission this month to add nine new target-date retirement funds to its offering, joining the growing club of fund companies to add the product, according to the Boston Globe.

The funds are targeted to retirement dates in five-year increments from 2010 to 2050, and each will be a fund of funds that uses American’s funds as the underlying investments.