Nuveen, a New York-based global investment manager, has expanded its retirement product suite with the addition of a target date collective investment trust series.
The Nuveen TIAA Lifecycle Blend CIT series, managed by Nuveen’s mixed assets portfolio management team, will consist of 12 funds that include 11 target-date funds at five-year intervals for retirement dates 2010 through 2060, and a retirement income fund for those already in retirement.
SEI Trust Company is the trustee for the new CITs and maintains ultimate fiduciary authority over the management of and investments made in the CIT series, with Nuveen as advisor.
The series contains a blend of active and passive holdings for plan sponsors seeking expertise and experience in actively managed funds, while seeking to balance investment costs by using index funds where appropriate.
The series will employ a glide path that extends 30 years past retirement as a means to help provide investment outcomes and retirement income for the growing number of plan participants who elect to remain in these funds well into their retirement years.
Nuveen is one of the largest investment managers of defined contribution assets in the United States with over $500 billion in retirement plan assets under management.
SkyView Opens Digital Marketplace To Buy And Sell Practices
SkyView Partners, a correspondent lender headquartered in Wayzata, Minn., has launched the Advisor Practice Board of Exchange (APBOE), a subscription-free turnkey solution for buying and selling wealth management practices in conjunction with access to bank financing via a secure and confidential platform.
The exchange has several features to attract prospective buyers, including clear seller search results. It allows site participation anonymity by allowing only verified sellers to view buyer profiles. And it offers a platform to compete for seller listings. To ensure the anonymity of all sellers, the service requires that they are represented by an M&A consultant.
In partnership with these consultants, sellers can search prospective buyers based on their PurchasingPower score, a proprietary ranking methodology gauging buyer creditworthiness and preparedness to acquire a practice.