BlackRock launches five CoRI funds
BlackRock has launched five mutual funds which seek to provide long-term investment results that correspond to the total return of the applicable BlackRock CoRI Retirement Indices.
The CoRI Indices aim to help investors estimate how much their current savings will generate in annual lifetime income when they turn 65, or conversely, how much they need to save to reach a certain level of annual lifetime income when they turn 65.
"For decades, preparing for retirement meant saving as much as you could and trying to make your savings last a lifetime. Yet, understanding what a lump sum savings provides in estimated retirement income is difficult," says Chip Castille, managing director and head of BlackRock's US retirement group. "The CoRI Indexes enable pre-retirees to quickly estimate the annual lifetime income their current savings may generate once they turn 65. Now, individuals can also invest in the CoRI funds, which seek to deliver a total return that tracks the expected median cost of lifetime income."
The five funds launched are:
•BlackRock CoRI 2015 Fund (BCVAX)
• BlackRock CoRI 2017 Fund (BCWAX)
• BlackRock CoRI 2019 Fund (BCXAX)
• BlackRock CoRI 2021 Fund (BCYAX)
• BlackRock CoRI 2023 Fund (BCZAX)
The mutual funds invest primarily in fixed income securities and can also invest in other financial instruments. They will be managed by Scott Radell and James Mauro, from BlackRock's North America portfolio solutions group within Americas fixed income alpha strategies.
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