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Article: Senate to address conflicts in proprietary target funds; Fiduciary role of investment managers will be a focus.(News)
- Article from:
- Investment News
- Article date:
- October 26, 2009
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Byline: Jessica Toonkel Marquez
Insiders say that the Senate Special Committee on Aging hearings Wednesday will focus on the potential for conflict of interest within proprietary target date funds.
As of Sept. 30, 98% of target date fund assets were in proprietary funds, according to Strategic Insight/ Simfund. Ninety-one percent of target date funds are proprietary.
Specifically, the committee wants to get a better understanding of the fiduciary role of investment managers who oversee these funds, said an aide to Sen. Herb Kohl, D-Wis., chairman of the committee.
"There seems to be a sense out there that there are often low-quality ...