Kansas Board of Regents, Topeka, added an active domestic small-cap growth equity fund managed by Loomis Sayles & Co. and an active international small-cap equity fund managed by Fidelity Institutional Asset Management to the investment options lineup of its $4 billion 403(b) mandatory retirement plan.
The Fidelity fund's addition to the plan is the result of investment consultant Advanced Capital Group's recommendation to add an international small-cap equity option to the plan's lineup, recent retirement plan committee minutes show.
The Loomis Sayles fund replaces a similar fund managed by Voya Investment Management, the removal of which was recommended by ACG due to underperformance and strategy outflows, the minutes show. Voya spokesman William Sutton said in an email that Voya Financial is one of the plan’s record keepers and “it’s not uncommon for plan sponsors to make adjustments to their fund lineups. At Voya, we look forward to continuing our strong, long-standing relationship with KBOR and helping its plan participants advance their retirement savings goals.”
The board of regents is the governing board for six state universities in Kansas and the coordinating board for several other higher education institutions, including community colleges and technical colleges, among others.
Board spokesman Matthew Keith could not be immediately reached for further information.