San Antonio-based USAA Investments, a provider of mutual funds and insurance products to members of the U.S. military, is currently prepping the USAA Target Retirement 2060 Fund to launch in July 2013.

The fund, which will invest in USAA mutual funds, will be managed by John Toohey and Wasif Latif, both vice presidents of equity investments at the firm. The fund will have an annual operating expense of 93 basis points. At its target date, the fund's asset allocation will consist of some 30% equity and 70% fixed income.

USAA managed more than $54.9 billion in mutual fund assets as of Dec. 31, 2012.

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