Crain Communications Inc., Detroit, picked the T. Rowe Price Mid Cap Growth Fund to replace the Fidelity Advisor Mid Cap fund for its $65 million profit-sharing and $7.9 million voluntary savings plans.
The change was made to seek better, more consistent performance, said William A. Morrow, executive vice president/operations.
Crain also will switch management of two index funds and five target-date funds to Wells Fargo & Co. from Comerica Bank.
Mr. Morrow said the changes resulted from a review of investment options conducted by Crain with assistance from Wells Fargo & Co., the plans’ quasi-bundled defined contribution plan service provider.
Five existing mutual fund options will be retained, but the plans will use new share classes with lower management fees, Mr. Morrow said. Those options are American Century Inflation Adjusted Bond, Van Kampen Equity & Income, MFS Value, Neuberger Berman Genesis and William Blair International Growth mutual funds.
All changes are effective July 7.
Crain’s two plans offer the same eight core investment options and five target-date funds.
Crain owns Pensions & Investments, publisher of P&I Daily.