Legg Mason Inc., Baltimore, added a target-date fund lineup managed by Vanguard Group and removed its Legg Mason-managed Roadmap series of target-date funds from the investment options lineup of its 401(k) plan in 2018, the company disclosed in its 11-K filing with the SEC on Wednesday.
The Vanguard Group lineup of target-date funds had a total of $39 million in assets in the plan as of Dec. 31, according to the filing.
The lineup managed by Legg Mason had a total of $38 million in assets in the plan as of Dec. 31, 2017, according to the company's previous 11-K filing.
Also during 2018, the plan also added the Columbia Select Large Cap Equity Fund, an active domestic large-cap equity fund managed by Columbia Threadneedle Investments. That fund had $32 million in assets in the plan as of Dec. 31, according to the new filing.
Also during 2018, the plan removed two investment options managed by Legg Mason affiliate ClearBridge Investments: the ClearBridge Value Equity CIT, an active domestic large-cap value equity collective investment trust, and the ClearBridge Aggressive Growth CIT, an active domestic large-cap growth equity CIT. The funds had $41 million and $26 million in assets in the plan, respectively, as of Dec. 31, 2017, according to the company's previous 11-K filing. The removal of the two funds left nine ClearBridge options in the plan's lineup.
Also during 2018, the plan removed the American Funds Growth Fund of America, an active domestic large-cap growth equity fund managed by Capital Group. That fund had $20 million in assets in the plan as of Dec. 31, 2017, according to the previous 11-K filing.
As of Dec. 31, the Legg Mason Profit Sharing and 401(k) Plan had $453 million in assets. As of that same date, the plan had 38 investment options, a common stock fund and the Vanguard target-date fund lineup, according to the new 11-K filing.
Spokesman Darrell Oliver could not be immediately reached to provide further information.
