AllianceBernstein has announced it plans to launch a multimanager target date series that will be co-managed with Morningstar Associates.
The AllianceBernstein Multi-Manager Select Retirement Funds will invest in funds managed by AllianceBernstein as well as by leading investment managers including AQR, Franklin Templeton, MFS and PIMCO.
A nonproprietary fund can offer plan sponsors the advantage of an array of investment providers. In using multiple managers in a single portfolio, the new AllianceBernstein series is aimed at doing just that.
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"The landscape for target-date portfolio design and construction has evolved over the past decade and we've spent that time building defined contribution products of the future at AllianceBernstein," the firm's chief investment officer, Daniel Loewy, said in a statement. "With this fund series, we can provide investors with access to funds from high-quality managers through Morningstar Associates' independent investment selection process, and deliver a better target-date design to plan sponsors and participants by working with our industry peers," he said.
AllianceBernstein, a global investment management firm with $477 billion in assets under management, will design and manage the glide path and provide overall program oversight. Morningstar will select funds from the offerings of each participating firm.
The funds are expected to be available for purchase by early November.
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