T. Rowe Price to boost stock allocations in target-date retirement funds
BOSTON (Reuters) - T. Rowe Price Group Inc said on Thursday it would boost the stock allocation in its target-date retirement fund portfolios to as much as 98% from 90% for younger investors.
T. Rowe, which manages $292 billion in active target-date portfolios, said it would hold the 98% allocation constant until investors are 35 years from retirement. The company also said it would boost stock allocations for investors in their retirement years. The final allocation, 30 years past retirement, would be 30% stocks, up from the current level of 20%, the company said.
Reporting By Tim McLaughlin; Editing by Chizu Nomiyama