Philadelphia Board of Pensions and Retirement approved the addition of the Fidelity Large Cap Growth Index Fund to the investment options lineup of the city's $1.6 billion 457 plan.
The board approved the addition of the passive domestic large-cap growth equity fund managed by Fidelity Investments at its Feb. 23 meeting, recently released meeting minutes show.
Investment staff recommended the addition of a Russell 1000 Growth index fund as a complement to the Harbor Capital Appreciation Fund, an active domestic large-cap growth equity fund managed by Harbor Capital Advisors that is currently in the lineup, according to the minutes. Staff considered similar options managed by Nuveen and Vanguard Group but recommended Fidelity "given their lower fees, performance as well as the purpose of adding the fund as a passive option in the large-cap growth space."
Christopher DiFusco, chief investment officer, could not be immediately reached for further information.