International Business Machines Inc., Armonk, N.Y., added four new underlying managers to the custom total bond market fund investment option in its 401(k) plan.
The plan hired Loomis Sayles & Co., Western Asset Management, Pacific Investment Management Co. and R.W. Baird & Co. as additional underlying managers for the total bond market fund in 2021, according to a comparison of the company's new 11-K filing with the SEC on June 17 and last year's filing.
Each managers' individual assets in the plan as of Dec. 31 were $1.2 billion, $572 million, $551 million and $512 million, respectively, according to the new 11-K filing.
According to the plan's prior 11-K filing, Neuberger Berman was the sole underlying manager of the total bond market fund as of Dec. 31, 2020. As of that date, the fund had $4.5 billion in assets in the plan, according to the new 11-K filing.
In the new 11-K filing, Neuberger Berman's share of the Total Bond Market Fund had dropped to $1.9 billion as of Dec. 31.
The reason for the addition of the four managers was not provided in the new 11-K filing.
As of Dec. 31, the IBM 401(k) Plus Plan had $65.6 billion in assets, according to the new 11-K filing.
IBM spokeswoman Sabrina Giglio could not be immediately reached for further information.
