Payden & Rygel of Los Angeles has a new series of four target maturity funds.
The Payden/Wilshire Longevity Funds mature in 2010, 2020, 2030, and 2040.
Target maturity funds have been popular investment options in 401(k) plans and other defined contribution retirement vehicles.
Payden & Rygel will lead distribution and servicing of the funds. Wilshire Funds Management, a unit of Wilshire Associates Inc. of Santa Monica, Calif., will provide the investment research. Wilshire, as subadviser, will handle construction of the portfolios, including the asset allocation, the selection of the underlying investments, and making adjustments to the glide path.
The funds are designed for investors expecting to reach the age of 65 near the year indicated in the name of the fund. Each Longevity Fund operates with a fund-of-funds structure that invests in underlying funds, including Payden fund offerings.
Payden & Rygel, which announced the funds Monday, has $50 billion of assets under management.
