Seligman Advisors is adding ETF versions of its target asset allocation funds. The New York-based fund firm will create three target maturity funds that invest in exchange-traded funds for use in both the retail and retirement channels.

The firm will brand the funds as the TargetHorizon ETF Portfolios. Two of the three funds carry target dates (2015 and 2025) while the third "core" fund is designed for investors who expect to withdraw assets or retire in a short time.

The asset allocation for each of the funds is based on Seligman's Time Horizon Matrix risk management strategy, according to Charles Kadlec, president of Seligman Advisors and co-portfolio manager of the funds.

Asset allocation funds that provide shareholders one-stop investing have been one of the fastest growing niches during the past three years. However, few fund firms have added versions of the funds that focus exclusively on ETFs.  

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