British asset manager Schroders has announced plans to launch target date funds, tailored to serve the lifetime retirement needs of the Canadian market.

The new proposition, dubbed Schroder MyRetirement Funds, aims to address the challenges in various stages of the life of an individual.

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The funds will offer five-year vintages from 2015 through 2060. Factors including an individual’s age, lifespan, income, and the ability to readjust accordingly will be taken into consideration.

Meanwhile, the asset manager has appointed Shawn Cohen as its new institutional director, with responsibility for building relationships with defined contribution record-keepers and intermediaries offering third party asset managers in Canada.

Based in Toronto, Cohen will be also be responsible for working alongside the firm’s global defined contribution team and delivering thought leadership in Canada. In the new role, Cohen will report to the firm’s head of Canada Ross Servick.

Cohen most recently served as the director of relationship management at MFS Investment Management in Canada. He previously also had a 13-year stint at Aon Hewitt.

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“After years of extensive research and analysis, we are excited to bring a target date solution to address the growth and income challenges plan sponsors and their members face. This fund will manage our clients’ investments not just until they reach retirement age but beyond retirement, seeking to provide an attractive income for their active and late retirement years. The addition of Shawn Cohen to the team demonstrates our commitment to delivering world class solutions to record-keepers, consultants, and plans sponsors in Canada,” Servick stated.