Through the alliance Principal clients will gain access to Russell’s multi-manager LifePoints Funds, while Principal will become the primary provider of defined contribution products for Russell’s independent financial intermediary network.
The business alliance initially centers on the addition of five Russell LifePoints Funds to The Principal’s defined contribution investment lineup.
The Principal already provides its 2.8 million retirement plan participants with multiple asset allocation tools including:
- the LifeTime series of asset allocation funds
- Principal’s Deposit Director
- the Investor Profile Quiz on www.principal.com
- independent asset allocation advice from Financial Engines.
However, a company spokesperson told PLANSPONSOR.com that the Russell lineup offers access to a true multi-manager approach, as well as one focused more on individual risk preferences than the retirement date focus of Principal’s current lineup.
In addition, the alliance will likely offer additional opportunities for both firms going forward, including an extension of services beyond the US.
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