State of Hawaii Deferred Compensation Plan, Honolulu, hired AllianceBernstein and Victory Capital to provide equity options for the states $1.4 billion 457 plan.
The Alliance Bernstein International Value Collective Investment Trust fund, an international large-cap value equity fund, will be a new option for participants, said Cynthia Akiyoshi, personnel management specialist. The Victory Capital Institutional Diversified Stock fund, a domestic large-cap core equity fund, is replacing the Fidelity Growth & Income fund, which the board dropped for performance, Ms. Akiyoshi said. After the change, participants will have 16 options. Consultant Mercer assisted.
Fidelity spokeswoman Jennifer Engle said the company has confidence in Tim Cohen, portfolio manager of the Growth & Income fund. Mr. Cohen can provide the fund with the best possible opportunity to attain strong, competitive long-term performance in the years ahead, Ms. Engle said in an e-mail.