NEW YORK - The New York City Deferred Compensation Board selected INVESCO Dynamics for its first midcap equity investment option. The fund will be available to participants in the $4.3 billion 457 plan as of July 1, said Tamara Lubansky, contracts and RFP coordinator. Also on July 1, PIMCO will begin managing the plan's $35 million core-plus bond portfolio, replacing Deutsche Asset Management, which ran intermediate-term bonds.
The plan on July 1 will eliminate the $135 million balanced mutual fund from Vanguard, replacing it with four premixed portfolios ranging from conservative to aggressive, which will be run by the plan's current managers. They include AIM Advisors, which runs a money market fund; T. Rowe Price, active small-cap equity fund; Vanguard Group, Standard & Poor's 500 equity index fund; Citizen Advisers, socially responsible equity index fund; and Capital Guardian, active international equity fund.