To that end, Gitlin is teaming up with KKR to launch funds for retail investors — and the pact is set to expand next year, according to a memo seen by Bloomberg. It includes Capital Group’s first target-date fund for retirement plans that will contain public and private assets, as well as a similar model portfolio for retail investors. The firm will also manage some money for KKR’s Global Atlantic insurance arm. Wealth advisers are narrowing rosters to just two or three managers that can offer a w ...

(Bloomberg) -- Capital Group succeeded in keeping a low profile for almost a century, not even posting a sign outside its sprawling Los Angeles headquarters to call attention to its presence, as it offered millions of investors an array of mutual funds branded with a different humdrum name.But over much of the past decade, the firm looked on while rivals reinvented themselves and the rise of passive index investing and exchange-traded funds eroded its core business. Now, insiders say the world’s biggest act ...