State Farm Investment Management Corp. is being sued over alleged excessive fees it charges on five of its proprietary target date funds.
The five products, which are part of State Farm’s branded “LifePath” series of target date funds, are managed by BlackRock Fund Advisors.
More than $6.2 billion in assets are managed in the five funds in question. Investors pay a total of about $39.2 million in fees for all of the funds. About $21.7 million goes to BlackRock, and State Farm takes the rest, about $17.5 million, or 44 percent of all fees investors pay to buy into the funds.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
