More sponsors of the largest 401(k) plans are opting to not usetheir recordkeeper's proprietary target-datefunds, according to data from SEI Investments Co., aninvestment manager with $684 billion in assets underadministration.
More than two-thirds of plan sponsors with more than $1 billionin plan assets are using target-date funds from a provider otherthan the plan's recordkeeper, according to a survey of 231 planswith assets between $25 million and $5 billion: 47 of those plansare SEI clients.
For all plan sizes surveyed by Oaks, Pa.-based SEI, which doesnot have a recordkeeping business, 46% are using a separate assetmanager's target-date funds.
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