Nokia Corp., Murray Hill, N.J., hired additional money managers as underlying managers of its active domestic large-cap growth and active domestic large-cap value equity funds in the Nokia Savings/401(k) Plan, according to a notification brochure on the plan's website.
Nokia hired Jacobs Levy Equity Management to join existing manager MFS Investment Management as underlying managers of the U.S. large-cap growth equity fund, and LSV Asset Management and Pzena Investment Management to join existing manager AJO as underlying managers of the U.S. large-cap value equity fund. The changes in underlying managers is effective April 3. The brochure said the changes were made to further diversify active management risk.
As of Dec. 31, 2016, the Nokia Savings/401(k) Plan had $7.1 billion in assets, according to the company's most recent Form 5500 filing. Formerly the Alcatel-Lucent Savings/401(k) Plan, the plan officially took on the new name on Jan. 1, 2017, following Nokia's November 2016 purchase of Alcatel-Lucent.
Nokia spokeswoman Carol DeMatteo could not be immediately reached to provide further information.
