In this paper we investigate whether lifestyle and lifecycle products offered by the mutual fund industry are designed to maximise terminal wealth of investors. The overall findings are that the majority of lifestyle and lifecycle funds are unlikely to produce sufficient capital for investors to...

The funds management industry provides numerous financial products to help investors accumulate wealth in preparation for their retirement. Typically financial products such as balanced funds and lifecycle funds have been the most popular. Recently because of the two major bear markets from 2000...