US - Frank Russell has joined forces with consultant Hewitt Associates to create a new defined contribution (DC) program aimed at small to mid-size DC plans looking to outsource investment, administration and communications services.
The new service, SmartDC, will be offered to DC funds as a fully bundled manager-of-managers investment program. Rather than relying on a menu of retail mutual funds such as 401(k) schemes, the SmartDC program will provide access to institutional asset managers’ products.
SmartDC will offer customers a choice of 21 institutional funds through Russell's multi-manager program. Hewitt will provide record keeping and administration, customer service, account access, communication and plan information management services.
Investment success depends on more than an enticing menu of investment choices, said Stacy Schaus, DC consultant at Hewitt.
Knowing how to select from that menu and, more importantly, when to change investment managers is what's critical. We help the participant by guiding them to top-quality managers, and plan sponsors benefit by placing the decision of when to change investment managers in the hands of the professionals at Russell. Participants will benefit from having these professionals work for them as they enjoy a smoother ride toward their retirement goals.
By Geoffrey Ho
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