Fund of Funds Included in Ameriprise New Offering

November 29, 2005 ( - Ameriprise Financial Inc. plans to launch seven mutual funds in 2006.

The Minneapolis Star Tribune reports that the mutual funds will be the first under Ameriprise’s RiverSource brand name, according to filings with the Securities and Exchange Commission (SEC).

Three of the funds are funds of funds,  in which the mutual fund invests in other mutual funds, according to the Star Tribune.  Fund of funds are popular for retirement planning, because of their simplicity and extra layer of diversification, according to analysts.

The Income Builder funds offered are basic, moderate and “enhanced” for more aggressive investors.    Ameriprise did not disclose its management fees or other expenses in the SEC filings.

Income Builder will debut late in the first quarter of 2006.