Budd Co., Troy, Mich., plans to add more than 10 investment options from several managers to its $75 million 401(k) plan, said E.D. Wolf, employee relations counsel and chairman-trust investment committee.
The additions will bring to more than 20 the investment choices the plan will offer, including the 10 portfolios the plan now has and will retain. Budd plans to choose the investment portfolios from Fidelity, its bundled service provider, and from a number of other mutual fund companies in Fidelity's network.
The company is making the changes in part because of concern about the performance of two of its existing Fidelity funds, Magellan and Asset Manager. How soon Budd will add the new options depends in part on how quickly Fidelity can implement record-keeping changes. Mr. Wolf hopes the new funds can be added early in the new year.
In addition, Budd is still studying whether to change its consultant, weighing the significance of the departure from SEI of the individual who was handling its account and also the implications of the sale of SEI's Capital Resources, its consultant, to Alexander & Alexander Consulting. He had no immediate timetable on deciding whether Budd will keep the successor consultant or search for a new one.
