BOSTON U.S. money manager T. Rowe Price Group Inc on Wednesday said it plans to launch 11 new target-date funds that will put less emphasis on stocks before retirement and more on bonds.
The Baltimore-based company filed a preliminary prospectus with the U.S. Securities and Exchange Commission for the series of funds called the T. Rowe Price Target Retirement Funds.
The funds will promote asset accumulation before retirement while supporting income withdrawals over a moderate post-retirement period, the company said in a press release.
Assets in the new series of funds will include about 42.5 percent in stocks at the named retirement date, compared to 55 percent for existing T. Rowe retirement funds.
T. Rowe currently has $88.1 billion in assets in its existing lineup of retirement funds. The new funds should be available to investors on August 22.
(Reporting by Tim McLaughlin; Editing by Bob Burgdorfer)