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Investment Firms Launch an Alternative to Annuities to Attract Retirees
American Banker via On Wall Street Link to more items from this source
Aug. 7, 2009
Excerpt: Investment managers are developing lower-cost alternatives to annuities to help customers -- and advisors -- spend their savings after retirement. Fidelity Investments and Vanguard Group have both rolled out products designed to manage retirement savings and parcel them out in monthly increments, and Brinker Capital is working on one.... Fidelity began offering 11 income replacement funds in 2007. Vanguard introduced three managed payout funds in May 2008. The funds use three-year averages to make distributions that are paid monthly. The funds have collected about $320 million in assets, according to John Ameriks, a principal at Vanguard.

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