Pasadena (Calif.) Deferred Compensation Committee will add the MFS Midcap Growth Fund, an active domestic midcap growth equity fund managed by MFS Investment Management, to its investment options lineup, said Matthew E. Hawkesworth, the city's director of finance and plan administrator.
The $291 million 457 plan chose the new option to replace the Victory Munder Mid-Cap Core Growth Fund, a similar fund managed by Victory Capital Management. Mr. Hawkesworth said the fund had not met the plan's performance benchmark in some time.
The effective date of the change has yet to be determined. As of March 31, the Victory Munder Mid-Cap Core Growth Fund managed $5.5 million for the plan.
Tricia Ross, Victory Capital spokeswoman could not be immediately reached to provide comment.
The 457 plan has 18 investment options, a target-date fund lineup managed by Vanguard Group and a self-directed brokerage option.
Investment consultant Hyas Group assisted.