Updated with correction
Kentucky Public Employees' Deferred Compensation Authority, Frankfort, added the Ivy Core Equity Fund to the lineup of its 457(b) and 401(k) plans, which have about $2.5 billion in assets combined, spokesman Chris Helvey said.
The large-cap core equity fund managed by Ivy Asset Management will replace the Victory Diversified Stock Fund, which is being removed from the plan lineups Dec. 15 because of “operational issues within the Victory organization,” said a letter to plan participants on the authority's website.
Mr. Helvey referred further questions on the fund's removal to the plans' investment consultant, Mercer. A Mercer spokeswoman declined comment. A spokeswoman at Victory Capital Management could not immediately be reached for comment.
As of Sept 30, $113 million was invested in the Victory fund across both plans and is being mapped to the Ivy fund.