Fidelity Investments is expanding its asset-allocation fund empire with products designed for the insurance market.

The new funds, called VIP (Variable Insurance Product) Freedom Funds, include six target-date funds (2005, 2010, 2015, 2020, 2025 and 2030) and a VIP Freedom Income Fund.

"Working with insurance companies across the country, we saw a real opportunity to help insurers add significant value to their insurance product line-up," stated William Loehning, executive vice president of Fidelity Investments Institutional Services Company in a release.

Ren Y. Cheng, manager of Fidelity's Freedom and Advisor Freedom Funds and vice president and portfolio manager of structured investments for the Structured Investments Group, and Christopher L. Sharpe, an asset allocation director in Fidelity's Structured Investments Group, will co-manage the funds.

Fidelity's other asset-allocation funds, the Freedom Funds and the Advisor Freedom Funds, had a total of $32 billion in assets at the end of January.  

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