Lipper has launched new lifestyle, lifecycle and hedge fund categories, to be able to more effectively compare peer groups.
In addition, two new attributes were added in an effort to help track fund characteristics.
According to the ICI, 15.6% and 16% of 401(k) assets are positioned in lifestyle and lifecycle funds.
Due to this growth in popularity of lifestyle and lifecycle funds and the fact that many companies are now offering them, Lipper created seven new mixed-asset target allocation fund categories.
Also, Lipper added hedge and quantitative attributes. Hedge attributes track funds that have exposure to market risk and quantitative attributes identifies funds that rely on computer models to manage portfolios.
Also this month, Morningstar began to track ETFs, citing a significant growth in the number of products with three-year track records. The company only tracks funds with records of three years or longer.