The AB [profile] (AllianceBernstein) team is preparing to liquidate a $1.03-billion, decade-old series of mutual funds after launching a newer version last year.

In a 497 filed with the SEC on June 25, AB unveiled plans to liquidate the 12 mutual funds in its AB Retirement Strategy series. The target liquidation date is November 20, less than three months after the series will hit its tenth birthday.



The move comes after AB launched a new TDF mutual fund series last fall. The 11 new TDFs, the Multi-Manager Select funds, incorporate strategies from multiple asset managers, including but not limited to AB itself, and are partly powered by Morningstar. AB defined contribution chief Dick Davies confirms that it was "always the plan at the right time" to shut down the old TDFs sometime after launching the new ones.

The old Retirement Strategy series still holds about $1.03 billion, per Morningstar data, each of the 12 funds in that series currently has a negative Morningstar analyst rating and only one or two stars. The new Multi-Manager Select series is too new to have star ratings, and currently has about $55.1 million in AUM. 

Edited by: Neil Anderson, Managing Editor


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