Later this year, industry mainstays Oppenheimer and Goldman Sachs will both be stepping out of the target-date business as they move away and liquidate their products, including a range of low-performing retirement products.
That move, according to analysts with Morningstar, demonstrates the difficulty even significant names are having in a field so heavily dominated by major players.
Oppenheimer's Transition Target-Date series, which held $640 million in assets at the end of March 2012, will soon be blended together. That will see the Oppenheimer Transition 2030, 2040 and 2050 funds merged with Oppenheimer Active Allocation, an aggressive allocation category product that's lost an annualized 3.3 percent over the past five years.
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