The USAA Nasdaq 100 Index Fund (USNQX) has made its way onto the T. Rowe Price retirement platform, Money Management Executive has learned.
Bill Benintende, a spokesman for T. Rowe, declined to provide further comment on the agreement. He offered that the platform is home to 3,500 plans with assets of some $133 billion and said that the platform encompasses “several thousand” funds from about 175 investment managers.
Keith Sloane, head of third-party distribution, also declined to comment on the agreement but told MME that: “The 401(k) space is important to our long-term strategy. Ultimately, it’s about giving our members access to our mutual funds through the channel of their choice. We’ve found that many members conduct a significant portion of their retirement investing through 401(k) plans and have requested our funds on their platform.”
USAA currently has distribution agreements with other retirement plan providers including Fidelity Investments, Vanguard Group and is on other distribution platforms including TD Ameritrade, Pershing and E*Trade.
The USAA Nasdaq-100 Index Fund is benchmarked to the Nasdaq-100 Index, which represents the largest non-financial stocks traded on The Nasdaq Stock Market. Brent Reeder currently manages the $357 million fund, which sports an expense ratio of 71 basis points.