Portfolio

Nuveen Expands Retirement Product Suite With Addition Of New Target Date Collective Investment Trust

New CIT series will utilize the same underlying funds and same passive investing strategy as existing mutual fund solution

NEW YORK, Dec. 14, 2020 /PRNewswire/ — Nuveen, the global investment manager of TIAA, has expanded its target date fund solutions offering with the addition of the Nuveen TIAA Lifecycle Index CIT series. The new collective investment trust (CIT) series will further complement the firm’s existing target date fund suite, which includes a robust offering of active, passive and blended strategies. The trustee for the CIT is SEI Trust Company, wholly owned subsidiary of SEI Investments Company, a leading global provider of institutional and private client wealth management solutions. SEI maintains ultimate fiduciary authority over the management of and the investments made in the CIT with Nuveen as advisor.

With the launch of the Nuveen TIAA Lifecycle Index CIT series, the firm will now offer a passive target date strategy in both mutual fund (TIAA-CREF Lifecycle Index Funds) and CIT solutions. The latest CIT series will also be managed by Nuveen’s award winning mixed assets portfolio management team, which was recognized for its management of mutual funds for the fifth year in a row as the Best Mixed Assets Large Fund Company in the 2020 Refinitiv Lipper Fund Awards.

“At Nuveen, we are proactively looking for ways to meet the needs of plan sponsors and participants by enhancing our target date fund suite with new strategies and products,” said Jeff Eng, managing director and head of retirement products at Nuveen. “Following the success of last year’s addition of a blended CIT series, the latest Nuveen TIAA Lifecycle Index CIT series is another step in our growth and evolution within the retirement market space.”

Nuveen TIAA Lifecycle Blend CIT Series

Last September, Nuveen also introduced 12 target-date funds through the Nuveen TIAA Lifecycle Blend CIT series, which opportunistically blend active and passive investing strategies. The latest Nuveen TIAA Lifecycle Index CIT series consists of 13 funds, including 12 target-date funds at five-year intervals for retirement dates 2010 through 2065 and a retirement income fund for those who prefer a well-diversified, static asset allocation.

“From retirement regulation and legislation to the recent disruption of the global pandemic, the defined contribution market continues to evolve and address the demands and challenges faced by participants preparing for retirement,” said Brendan McCarthy, head of defined contribution investment only (DCIO) at Nuveen. “The CIT offering of our top performing target date mutual funds strategy provides a solution that aims to help plan sponsors and their advisors achieve participant savings and income goals for a prolonged retirement period.”

The Nuveen TIAA Lifecycle Index CIT series will employ the same Lifecycle Index glidepath that extends 30 years past retirement as a means to help provide investment outcomes and retirement income for the growing number of plan participants who elect to remain in these funds well into their retirement years.

The full Nuveen TIAA Lifecycle Index CIT series includes:

  • Nuveen TIAA Lifecycle Index Retirement Income
  • Nuveen TIAA Lifecycle Index 2010
  • Nuveen TIAA Lifecycle Index 2015
  • Nuveen TIAA Lifecycle Index 2020
  • Nuveen TIAA Lifecycle Index 2025
  • Nuveen TIAA Lifecycle Index 2030
  • Nuveen TIAA Lifecycle Index 2035
  • Nuveen TIAA Lifecycle Index 2040
  • Nuveen TIAA Lifecycle Index 2045
  • Nuveen TIAA Lifecycle Index 2050
  • Nuveen TIAA Lifecycle Index 2055
  • Nuveen TIAA Lifecycle Index 2060
  • Nuveen TIAA Lifecycle Index 2065

In addition to being one of the largest target date fund managers, Nuveen is the fourth largest investment manager of defined contribution assets in the United States with approximately $535 billion in retirement plan assets under management. Its DCIO team works in consultation with plan sponsors, consultants and retirement plan advisors to evaluate the investment menus of retirement plans and identify ways to improve outcomes for plan participants. This service includes Nuveen’s retirement plan newsletter, next, which was designed to help plan fiduciaries navigate the constantly evolving defined contribution space.

 

 

 

About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 September 2020 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
About SEI Trust Company
SEI Trust Company (the “Trustee”) serves as the Trustee of the CITs and maintains ultimate fiduciary authority over the management of, and the investments made in, the CITs. The Trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and is a wholly owned subsidiary of SEI Investments Company (SEI).
About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Sept. 30, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $330 billion in assets under management and $755 billion in client assets under administration. For more information, visit seic.com.