T. Rowe Price is expanding its lineup of target-date funds. The Baltimore-based firm will add an new series of eleven funds, christened the T. Rowe Price Target Retirement Funds, to its current suite of retirement funds.

The new series will change up the staid the target date strategy a bit with an anticipated 42.5% of a fund's assets being invested in equities at the named retirement date, compared to 55% for the existing Retirement Funds.

"Target date funds have become the preferred vehicle for retirement investors,” stated Jerome Clark, portfolio manager of T. Rowe Price target date funds. “We have built a successful franchise of target date funds that are designed to support their income needs throughout retirement. The new Target Retirement Funds will allow us to expand our offerings to meet the needs of other investors who may have different objectives."

The Target Retirement Funds are expected to be available to investors on August 22, pending approval by the Securities and Exchange Commission. T. Rowe’s existing lineup of Retirement funds had $88.1 billion in assets as of March 31.