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Products April 7, 2004
Nationwide Introduces CIFs to Qualified Plans
April 7, 2004 (PLANSPONSOR.com)Nationwide Financial
added Collective Investment Funds (CIFs) to its qualified
plan investment offerings, aiming to provide a new investment
option for small and mid-sized retirement plans.
Reported by Alison Cooke
Nationwide hopes that because the CIFs are competitively priced, they will be a cost-effective way for retirement plans to receive institutional money management strategies in a daily traded environment.
The line up will contain 30 CIF options from different investment managers covering a range of investment styles.
CIFs are considered trusts, generally offered through banks or trust companies and, unlike mutual funds, which must register with the U.S. Securities and Exchange Commission, CIFs are regulated by federal banking authorities and state trust law. Advertising is not allowed for them or their returns but they are typically cheaper than mutual funds, charging fees that can slide based on investment size.