The Principal Trust announced Thursday that its Target Date Collective Investment Funds recently exceeded $1 billion in assets. The funds were launched in 2009 to be used for qualified retirement plans through a collective investment trust.
"We're pleased with the funds' strong returns and growth," said Art Bacci, president and CEO of Principal Trust Co. and Principal Bank, in a statement. "We launched these funds because financial professionals and their plan sponsor clients wanted additional choices. The growth in this fund series demonstrates continued strong demand for this type of investment option that includes passively managed underlying assets."
In addition to the Principal Trust Target Date Funds series, the company offers Principal LifeTime Funds, another target-date option.
The funds were a response to pent-up demand in the marketplace for more passively managed target-date funds in addition to the actively managed target-date funds already offered by The Principal, Bacci told AdvisorOne.
