BNY Mellon Investment Management announced that it will partner with Wilshire Associates to launch the BNY Mellon Investment Management Custom Target Date Builder.
Retirement plan advisors will now be able to build turnkey custom target date solutions, and access institutional quality research and glide path management expertise, providing provide plan sponsors and participants with a new level of customization and scalability, according to the firm’s announcement.
“The BNY Mellon Investment Management Custom Target Date Builder platform is a game-changer for advisors and builds on BNY Mellon Investment Management’s efforts to evolve our business such as the Dreyfus rebrand in 2019, introducing certain zero-fee ETF funds and an expanded OCIO offering to investors and institutions in 2020,” explains Andy Provencher, head of North America Distribution at BNY Mellon Investment Management. “This new platform is a further testament to our commitment to the DCIO market and provides advisors with greater target date fund choice.”
In addition to combining active and passive in low-cost mutual funds and Collective Investment Trusts (CITs), advisors can also develop portfolios that include 18 asset classes, as well as open architecture within Wilshire’s independently rated strategies, defined manager selection and allocation process.
“Our partnership with BNY Mellon Investment Management is altering the custom target date universe where plan sponsors had off-the-shelf target date options from a few dominant asset managers and now they have the same variety and richness of institutional investment options large plans have accessed to customize to their exact specifications,” adds JasonSchwarz, Wilshire Associates’ Chief Operating Officer.
