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American Century Investments Launches New Target-Date CIT

American Century Investments recently launched a collective investment trust (CIT) that incorporates its popular One Choice Target Date Portfolios. The firm also announced that Kansas City-based Lockton Companies will be the first client to use the CITs as the qualified default investment alternative (QDIA) for its DC plan, a $257 million mandate.

American Century, which began offering CITs in 2009, launched the new target-date CIT in order to meet client demand, according to Rick Luchinsky, senior vice president and head of the firm’s DCIO business. “Collective investment trusts are critical to the DC business because they give plan sponsors and their consultants more flexibility in building investment lineups for their employees,” said Luchinsky. “One Choice Portfolios are the single most popular investment strategy that American Century offers to DC plans.”

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