Mutual funds have a new competitor in the defined contribution market: collective investment trusts. These investments have been around for years but are now increasingly grabbing the attention of investors in defined contribution retirement plans.

According to a new report released this week by Celent, a research and consulting firm, the use of collective investment trusts (CITs) more than doubled from $400 billion in 2006 to $900 billion in 2010. By 2015, they’re projected to hit $2 trillion.

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