Baltimore City Retirement Savings Plan & Deferred Compensation Plan added six investment options to the lineup of the city's 401(a) and 457 plans, confirmed David A. Randall, executive director.
The changes are effective Feb. 18. Four of the added options are replacement funds: The retirement system added an active domestic midcap equity fund managed by Brown Advisory, which replaces a similar fund managed by AllianceBernstein; an active domestic core-plus fixed-income fund managed by Dodge & Cox, replacing an active global fixed-income fund managed by Brandywine Global Asset Management; an active domestic small-cap equity fund managed by MFS Investment Management, replacing an active domestic midcap value equity fund managed by Vanguard Group; and an active international equity fund managed by Wellington Management, replacing a similar fund managed by Harbor Capital Advisors. Participants in the old funds will be automatically mapped to the new funds.
New to the fund lineup are a passive domestic core fixed-income fund managed by Fidelity Investments, and a real assets fund managed by Nuveen.
The retirement system removed the four funds due to underperformance, Mr. Randall said.
Mr. Randall could not provide information on the plans' current sizes. In June 2018, the plans had a combined $390 million in assets.
Joe Anthony, Brandywine Global spokesman, and Harbor Capital officials could not be immediately reached for comment. Jennifer Casey, AllianceBernstein spokeswoman, could not immediately provide comment. Jessica Emery, Vanguard spokeswoman, declined to comment.