is expanding its asset-allocation fund empire with products designed for the insurance market.
The new funds, called VIP (Variable Insurance Product) Freedom Funds, include six target-date funds (2005, 2010, 2015, 2020, 2025 and 2030) and a VIP Freedom Income Fund.
"Working with insurance companies across the country, we saw a real opportunity to help insurers add significant value to their insurance product line-up," stated William Loehning
, executive vice president of Fidelity Investments Institutional Services Company in a release
Ren Y. Cheng
, manager of Fidelity's Freedom and Advisor Freedom Funds and vice president and portfolio manager of structured investments for the Structured Investments Group, and Christopher L. Sharpe
, an asset allocation director in Fidelity's Structured Investments Group, will co-manage the funds.
Fidelity's other asset-allocation funds, the Freedom Funds and the Advisor Freedom Funds, had a total of $32 billion in assets at the end of January.
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