Illinois State Universities Retirement System, Champaign, is adding the Fiera Capital Small-Mid Cap Growth Fund to the investment options lineup of its $3.5 billion 401(a) plan and $16 million 457 plan, spokeswoman Beth A. Spencer said in an email.
The active domestic smidcap growth equity fund managed by Fiera Capital will replace the Delaware Small-Mid Cap Growth Fund, from which participants will be mapped to the new fund, Ms. Spencer said.
Ms. Spencer said the active domestic smidcap growth equity fund managed by Delaware Management Co. and subadvised by Macquarie Investment Management had been monitored for performance concerns, but the system's board ultimately decided to replace the fund due to strategy changes and personnel turnover.
As of Dec. 31, the Delaware fund had $31 million in assets in the 401(a) plan and less than $1 million in the 457 plan.
A spokeswoman for Macquarie declined to comment.