Nuveen Expands Retirement Product Suite with Addition of New Target Date Collective Investment Trust

Rhea-AI Summary

On December 14, 2020, Nuveen announced the launch of the Nuveen TIAA Lifecycle Index CIT series, expanding its target date fund offerings. This new series consists of 13 funds, including 12 target-date funds spaced five years apart, catering to retirement dates from 2010 to 2065, alongside a retirement income fund. The CIT series will be managed by Nuveen's award-winning portfolio management team, enhancing their ability to serve plan sponsors. Nuveen currently manages approximately $535 billion in defined contribution assets, solidifying its position as a leading player in the retirement market.

Positive

• Launch of Nuveen TIAA Lifecycle Index CIT series expands retirement product suite.
• Series includes 13 funds with target dates from 2010 to 2065, accommodating diverse investor needs.
• Managed by award-winning mixed assets portfolio management team recognized for excellence.
• Nuveen is the fourth largest investment manager of defined contribution assets in the U.S., managing approximately $535 billion.

Negative

• None.

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."

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.

Nuveen Securities, member FINRA and SIPC.

The Nuveen / SEI Trust Company Investment Trust, of which the Nuveen TIAA Index Series are underlying collective investment funds (collectively the "Funds"), is a trust for the collective investment of assets of participating tax qualified pension and profit sharing plans and related trusts, and governmental plans as more fully described in the Declaration of Trust. As a bank collective trust, the Trust is exempt from registration as an investment company.

The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the funds is not guaranteed at any time, including at the target date. The unit value of the CIT will fluctuate, and investors may lose money. There is no guarantee the CITs investment objectives will be achieved. The CIT is a fund of funds subject to the risks of its underlying funds in proportion to each CIT's allocation to the underlying funds. Underlying funds invest primarily in stocks, bonds and real estate. A fiduciary should consider the CIT objectives, risks, and expenses before investing. This and other information can be found in the Declaration of Trust.

Contact:
E-Soo Kim
Nuveen Media Relations
212.207.2012
e-soo.kim@nuveen.com

TPS-1446174PR-E1220X

 

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SOURCE Nuveen

FAQ

What is the Nuveen TIAA Lifecycle Index CIT series?

The Nuveen TIAA Lifecycle Index CIT series is a new range of target date funds launched by Nuveen, consisting of 13 funds designed for retirement planning, with target dates from 2010 to 2065.

How many funds are included in the Nuveen TIAA Lifecycle Index CIT series?

The Nuveen TIAA Lifecycle Index CIT series includes 13 funds, comprising 12 target-date funds and one retirement income fund.

What assets does Nuveen manage in defined contribution plans?

Nuveen manages approximately $535 billion in defined contribution assets, making it one of the largest investment managers in this sector.

Who manages the Nuveen TIAA Lifecycle Index CIT series?

The series is managed by Nuveen's award-winning mixed assets portfolio management team.

When was the Nuveen TIAA Lifecycle Index CIT series launched?

The Nuveen TIAA Lifecycle Index CIT series was launched on December 14, 2020.