More sponsors of the largest 401(k) plans are opting to not use their recordkeeper's proprietary target-date funds, according to data from SEI Investments Co., an investment manager with $684 billion in assets under administration.
More than two-thirds of plan sponsors with more than $1 billion in plan assets are using target-date funds from a provider other than the plan's recordkeeper, according to a survey of 231 plans with assets between $25 million and $5 billion: 47 of those plans are SEI clients.
For all plan sizes surveyed by Oaks, Pa.-based SEI, which does not have a recordkeeping business, 46% are using a separate asset manager's target-date funds.
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