MIAMI, Fla. -- Used to be that a mutual fund was a pretty easy product to launch. Line up a set up securities. Buy. Hold. Mix occasionally. Now, managing products such as target-date funds present serious operational challenges, said George Gatch, chief executive officer of J.P. Morgan Asset Management Americas.

Creating a “glide path” for customers through funds that are designed to invest in more conservative assets over time – read: bonds over stocks – is not an easy task he said in a luncheon address on innovation at the National Investment Company Service Association 2011 Conference & Expo.

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