UBS's trust company subsidiary is upping its ante in the collective investment trust market with three new passively managed target date funds.
It is the latest such rollout of CITs, the mutual-fund-like investment products managed by bank trust companies and regulated by the Office of Comptroller and Currency or state bank regulators.
Because CITs are only available to defined contribution and benefit markets, they bear less disclosure, marketing and compliance costs, compared to mutual funds that are regulated by the SEC and available for retail distribution. That translates to competitive expense ratios for plan participants.
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