A $16.9-billion subadvised mutual fund family will liquidate this month in favor of a different product structure: collective funds.

Bob Schultze IMCA-RC President and Chief Executive Officer

Our sister publication 401kWire reports that Vantagepoint Investment Advisers [profile] filed to shut down the VantagePoint funds, with liquidations scheduled for October 3, October 7, and October 14 for the different series in the fund family. Vantagepoint is the mutual fund arm of Washington, D.C.-based ICMA-RC, a retirement plan recordkeeper focused on state and local government defined contribution plans, called 457s.

ICMA-RC previously confirmed plans to move the Vantagepoint Funds assets into collective investment trust funds (CITs), a mutual-fund-like bank product with more pricing flexibility and no Investment Company Act of 1940 looming over it. A company spokesman confirms to MFWire that ICMA-RC is "on schedule" with the mutual-funds-to-CITs conversion.

The Vantagepoint funds include the Vantagepoint Milestone target date fund series, which date back to 2005. And the multi-manager Vantagepoint Diversifying Strategy Fund was launched in 2007. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE