Voya Financial is launching a series of collective investment trusts (CITs) trusteed by Great Gray Trust Company, the financial services mega-firm announced on Monday.
The product, named MyCompass Target Date Blend Series, will be available across all plans as a CIT and is set to expand the firm’s presence in the target-date space, which already represents over $25 billion in assets. The series will be sub-advised by flexPATH Strategies, LLC, who serves as a fiduciary for the investment selection. According to the firm, the Voya IM serves as a glide path fiduciary to the series.
“The launch of MyCompass Blend is another example of Voya’s commitment to providing solutions to both our plan sponsor clients and their employees that can ultimately help individuals to achieve successful retirement outcomes,” said Amy Vaillancourt, president of Wealth Solutions at Voya. “We’re excited to offer an innovative, new solution that leverages input from respected industry participants alongside Voya Investment Management (Voya IM), and their two-decades worth of experience in the target date space.”
The MyCompass Blend will build upon the firm’s MyCompass Index and MyCompass American Funds solutions and is designed to mirror its M’s Target Retirement Trust (TRT), a platform designed to create diversified allocations for participants based on their retirement date.
The series will also incorporate new features available to participants and plan sponsors, including its upcoming participant-centric glide path, a blend of active and passive structures, multi-manager frameworks to provide diversity and reduce investment risks, and allocation to stable value funds to reduce volatility, particularly for participants nearing retirement.
“With over 20 years of experience, Voya IM was an early pioneer of the blend, multi-manager target date approach,” said Barbara Reinhard, chief investment officer, MASS at Voya IM. “The launch of MyCompass Blend leverages the investment capabilities of a number of top firms and, with its mix of both active and passive strategies, provides cost effective exposure to a range of asset classes.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
