State Street Boston Corp. is getting ready to launch a set of "lifestyle" mutual funds for the retirement market.
The banking company plans to register the new funds with the Securities and Exchange Commission within a month.
Created by State Street Global Advisors, the company's money management arm, the funds are tailored for 401(k) participants who are looking to take either conservative, moderate, or aggressive investment risks.
Lifestyle funds prompt investors to decide for themselves what amount of risk and return is appropriate for their investment needs.
The new portfolios will invest in State Street's proprietary mutual funds. This "fund of funds" structure will offer investors better diversification, said G.V. "Gus" Fish Jr., a principal of the global advisors unit.