KeyCorp, Cleveland, added three collective investment trusts and one mutual fund managed by BlackRock to the investment options lineup of its 401(k) plan in 2020.
As of Dec. 31, the BlackRock Equity Index Fund CIT, Extended Equity Market Fund CIT, MSCI ACWI ex-U.S. IMI Index Fund and U.S. Debt Index Fund CIT had $569 million, $242 million, $155 million and $150 million, respectively, in assets in the fund, according to the bank's 11-K filing Friday with the SEC.
The BlackRock funds replaced four index mutual funds managed by Vanguard Group, the filing said.
As of Dec. 31, 2019, the Vanguard Institutional Index Plus Fund, Extended Market Institutional Index Plus Fund, Total International Stock Index Fund and Total Bond Market Index Fund had $515 million, $231 million, $216 million and $128 million, respectively, in assets in the plan, according to the bank's prior 11-K filing.
The new filing said the plan transitioned to a new record keeper and trustee on July 1, 2020, and as a result, the four Vanguard funds transitioned to the four BlackRock funds. The filing did not provide further information on the names of the old and new record keepers or the reason for the change.
As of Dec. 31, the KeyCorp 401(k) Savings Plan had $3.5 billion in assets, according to the new 11-K filing.
Company spokeswoman Laura Mimura could not be immediately reached for further information.