Wyoming Retirement System, Cheyenne, selected the INTECH Managed Growth Fund as an investment option for its $260 million 457 plan, confirmed spokeswoman Polly Scott. The fund will replace the American Century Ultra Growth Fund, which was removed because of "ongoing underperformance and manager changes," according to a letter to plan participants from Jim Applegate, chairman of the board of the Wyoming system. Brian Spano, a spokesman at American Century, declined to comment.
The system also added the Barclays Global Investors Lifepath Portfolios to replace the Vanguard LifeStrategy Funds; the board made the change because it wanted to offer target-date funds, the letter said.
The system also has $6 billion in defined benefits assets, Ms. Scott said.