Product & Service Launches – 9/18/25

Mutual of America, Morningstar Collaborate on Managed IRAs

Mutual of America Financial Group launched a fully managed investment service in collaboration with Morningstar Retirement, IRALogix and Envestnet.

The MoA Managed Individual Retirement Account offers a customizable portfolio managed by a professional investment adviser.

Morningstar Investment Management LLC will deliver personalized portfolio recommendations and advice to account holders through the Morningstar Retirement Manager platform. Additional features include quarterly portfolio rebalancing and drawdown guidance to customers entering retirement.

MoA Managed IRA’s investment strategies are based on customers’ age, income, risk tolerance, retirement timeline and contribution behavior, according to the announcement. It also has recordkeeping provided by IRALogix and non-discretionary portfolio management by Envestnet.

Lincoln Financial Debuts New Registered Index-Linked Annuity

Lincoln Financial Group has launched Lincoln Level Advantage 2 Income index-linked annuity, its first registered index-linked annuity with a built-in income benefit. It also offers an optional estate lock death benefit, which allows investors to protect full investments for beneficiaries.

Other key features include:

• Lincoln ProtectedPay Select, which can convert a portion of retirement savings into guaranteed lifetime income;
• Flexible investment choices; and
• Secure Lock+, which locks in gains and resets protection annually before income starts.

Lincoln Level Advantage 2 Income, the latest addition to Lincoln’s RILA suite, debuted in May 2024. As of June 30, Lincoln Financial had $331 billion in end-of-period account balances, net of reinsurance.

Man Group Launches First Stand-Alone ETFs

Man Group PLC, an alternative investment manager, launched its first exchange-traded funds, the Man Active High Yield ETF and Man Active Income ETF.

The actively managed credit funds, listed on the New York Stock Exchange, provide U.S. investors access to Man Group’s credit platform, which totaled $42.7 billion as of June 30.

The high-yield fund will invest at least 80% of its net assets in high-yield securities and up to 30% of its net assets specifically in securities rated below B3 by Moody’s or lower than B- by S&P or Fitch Ratings, according to the announcement.

State Street Investment Management Launches 2 Active ETFs

State Street Investment Management launched two actively managed corporate and municipal bond target maturity exchange-traded funds.

The SPDR SSGA My2035 Corporate Bond ETF invests primarily in corporate bonds maturing in 2035, and the SPDR SSGA My2031 Municipal Bond ETF invests primarily in municipal bonds maturing in 2031. The funds are designed to distribute any remaining principal and liquidate on or about December 15 in their final year of maturity.

The investment strategies of the SPDR SSGA MyIncome ETFs are designed to allow the portfolio management team to effectively maximize yield while preserving capital through a robust investment process and prudent risk management. State Street Investment Management’s active approach seeks to enhance the income profile of a target maturity ETF portfolio, while also managing for liquidity, sector, issuer concentration, and broader macro risks.

State Street Investment Management had more than $5 trillion in under management as of June 30, including more than $1.68 trillion in ETF AUM.

Betterment at Work, First Citizens Wealth Offer 401(k) Plans

Betterment at Work, a 401(k) plan provider, announced a partnership with First Citizens Wealth, allowing First Citizens Bank’s small and midsize business clients access to workplace retirement plans.

Clients of First Citizens’ Silicon Valley Bank and CIT Bank divisions will receive consulting services from First Citizens Wealth, including plan design, investment fiduciary services, investment selection and monitoring and continuous benchmarking. Betterment will serve as recordkeeper and provide a digital platform and mobile app for plan administration.

Employers can also have customizable plans, payroll integration and built-in compliance.

Betterment manages more than $63 billion in assets and First Citizens Bank has more than $200 billion in assets, according to the announcement.

Vanguard Launches Actively Managed High-Yield Bond ETF

The Vanguard Group Inc. launched its first active fixed income exchange-traded fund managed by Vanguard Fixed Income Group.

The Vanguard High-Yield Active ETF is designed to provide exposure “across the full high-yield credit quality spectrum,” along with complementary sectors such as leveraged loans and U.S. investment-grade corporate bonds, according to the announcement.

VGHY has an estimated expense ratio of 0.22%, according to the announcement. Vanguard manages more than $1.1 trillion in active fixed income assets.

Peoples Bank, Cetera Team Up on Investment Program

Cetera Financial Institutions announced a partnership with Peoples Bank & Trust Co. to develop the bank’s investment program, Peoples Financial Management & Planning.

According to the announcement, Peoples Bank & Trust’s decision to move from LPL Financial Holdings Inc. followed a “comprehensive evaluation process focused on improving strategic growth support including responsiveness, attention to detail, and overall service quality for clients.”

Peoples Bank & Trust also noted in the announcement that Cetera showed dedication to strategic growth, client service and “rural communities.”

Cetera firms had more than $590 billion in assets under administration and $263 billion in assets under management as of June 30. Peoples Financial Management & Planning had approximately $120 million in assets under administration as of September 15.

Ascensus Develops AI Chatbot for CalSavers

CalSavers Retirement Savings Program, a state-run program for California workers without access to an employer’s retirement plan, now has assistance from artificial intelligence. CalSavers and the financial company Ascensus created CalSavvy, the first AI-powered chatbot designed specifically for state-sponsored auto-individual retirement account programs.

CalSavvy answers common questions in English and Spanish and streamlines tasks for the more than 600,000 employers mandated to register with CalSavers or to offer their own qualified retirement plan by year-end. It can assist with account setup, contributions, investment options and retirement planning, according to the announcement.

Currently, CalSavvy draws information from the CalSavers public website and the California state treasurer’s office website to answer questions. According to the announcement, CalSavvy will eventually provide personalized account support and expand its language accessibility.

Ascensus administers two of the largest state auto-IRA programs—CalSavers and Illinois Secure Choice—which together represent 72% of state programs’ accounts and assets under administration, according to the announcement.