Great-West Financial today reported that its Great-West Lifetime Funds grew 97% to $3.2 billion for the year ended September 30, 2012, compared to the same period a year ago.

Ibbotson reported higher overall gains and inflows into Target Date Funds late last week.

“The Lifetime Funds are growing in popularity because they offer plan sponsors open architecture with more than 20 different investment managers in a single target date fund, including active and passive funds all delivered in a choice of three different glide paths,” stated Charles Nelson, president of Great-West Retirement Services.

“These attributes, coupled with their strong performance, have been key drivers in their success.”

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