December 10, 2014
Nationwide Adds 2060 Fund to Target Date Offerings
New fund helps millennials invest for retirement
King of Prussia, Pa. - Nationwide has added a 2060 fund to its target date mutual fund series, which provides investors with an all-in-one investment strategy for retirement. The Nationwide® Destination 2060 Fund (Institutional Class: NWWUX) is designed for millennial investors who are just entering the workforce and want to begin investing for retirement.
"This Fund offers young investors a diversified, low-cost and simple way to start preparing for retirement,” said Mike Spangler, president of Nationwide’s mutual funds business, which manages 117 funds with approximately $58.9 billion in assets.1 “More than 30 percent of all America’s workers are millennials, and that number continues to grow. To engage young workers in the retirement planning conversation, we need to provide them with investments that are tailored to their needs.”
The Fund seeks to provide capital appreciation and income. The Fund’s asset allocation mix is designed to meet the needs of investors retiring in 2060, and changes over time to be more conservative as investors near retirement. The Fund’s current allocation includes 51 percent in domestic equity investments, 28 percent in international equity investments, 6 percent in bonds and 5 percent in other asset classes. Thomas R. Hickey, Jr. and Benjamin A. Richer from Nationwide Fund Advisors manage the Fund.
“Nationwide has a long history of providing its clients with asset allocation solutions that help them build and maintain diversified, risk-appropriate investment portfolios,” said Spangler. “We believe this Fund continues that tradition and helps plan sponsors meet the changing investment needs of their employees.”
Investors interested in learning more about Nationwide Funds should contact their financial professional or visit the Nationwide Funds website. Financial professionals interested in learning more should call 877-877-5083, option 3.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; specialty health; pet, motorcycle, boat and farm insurance. For more information, visit www.nationwide.com.