Morningstar has lowered the ratings of two target-date fund families, Pensions & Investments reports. Charles Schwab’s rating has been cut to “below average” from “average”, while DWS Investments has been assigned a “bottom” category down from “below average”. Schwab’s fund family was downgraded due to the July departure of its lead manager Daniel Kern. The DWS LifeCompass fund family rating was lowered because of the continued decline in the performance of some of its funds and turnover among management of many of those funds.
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