G-III Apparel Group Ltd., New York, hired Fidelity Investments as record keeper of its $163 million 401(k) plan, said Sheldon Geller, president of Stone Hill Fiduciary Management, the clothing company's fiduciary adviser.
Fidelity replaced Principal Financial, Geller said. Stone Hill had issued an RFP on behalf of the company for record keepers to "improve service and responsiveness," he said.
Principal was not invited to rebid for the services, he said.
According to the most recent Form 5500 filing for the G-III Apparel Group Ltd. 401(k) Plan released Oct. 12, the plan transitioned to Fidelity effective Nov. 1, 2022.
