Products October 23, 2009

American Funds Extends Target Date Series

The American Funds Target Date Retirement series is making plans to add a new fund to the series.

Reported by

According to a regulatory filing, the American Funds 2055 Target Date Retirement Fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in bond, equity income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time, according to the filing, which was picked up by Strategic Insight’s Simfund Filing report. 

The fund’s portfolio managers are James B. Lovelace, Alan N. Berro, Joyce E. Gordon, Nicholas J. Grace and John H. Smet. 

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The firm says that the fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The filing notes that the underlying American Funds represent a variety of fund categories such as growth funds, growth-and-income funds, equity-income funds and a balanced fund, and bond funds. Further, the fund categories represent differing investment objectives. 

The filing notes that the investment adviser may periodically rebalance or modify the asset mix of the funds and change the underlying fund investments, and that it will continue to manage the fund for approximately 30 years after the fund reaches its target date.  Further, the filing says that funds that have been managed for 20 years after their respective target dates may be combined, in accordance with applicable law. 

More information on the series is available in PLANSPONSOR’s Asset Allocation Fund Buyer’s Guide at http://www.plansponsor.com/survey_type1/?RECORD_ID=40798

Deals & People October 23, 2009

Nationwide Announces New Executive Leader Roles

Nationwide Mutual Insurance Company CEO Steve Rasmussen has announced new assignments for several executive leaders across the company. 

Reported by

Rasmussen, who was appointed CEO in February, said that the moves are intended to “share expertise, resources and leadership across our many business lines.” 

In making the announcement he also said, “These new assignments will bring fresh perspective and ideas to our entire organization and will help us develop new opportunities to collaborate, innovate, and provide the best customer service in the industry. Combined with our financial strength and strong go-to-market strategy, these changes will optimize our ability to attract and retain customers in both the insurance and financial services categories.” 

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Among the new assignments: 

  • Mark Thresher, current president of Nationwide Financial, will assume the role of Chief Financial Officer for Nationwide. He’ll also oversee Investments and Nationwide Realty Investors.
  • Kirt Walker, current president of Nationwide Insurance, will assume the role of president of Nationwide Financial.
  • Mark Pizzi, current president of Customer Choice Distribution, will assume the role of president of Nationwide Insurance.
  • Larry Hilsheimer, current Chief Financial Officer, will assume the role of president of Nationwide Direct & Customer Solutions (formerly Customer Choice Distribution), which includes Nationwide’s call-center based sales units. He will also oversee Nationwide Bank, Nationwide Better Health, and Customer Service.
  • Kim Austen, president of Allied Insurance, will have his role expanded to include oversight of Scottsdale Insurance. Austen will also oversee Titan Insurance and Nationwide Agribusiness.  

The new assignments have been approved by Nationwide’s board of directors and take effect immediately.

 

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