Sirius XM Holdings Inc., New York, hired Fidelity Investments as its new record keeper and added three mutual funds to the investment options lineup of its 401(k) plan in 2020.
Fidelity replaced Prudential Financial as the plan's record keeper effective Oct. 1, the company disclosed in an 11-K filing with the SEC on June 18. The reason for the change was not provided.
The three new mutual funds are the Vanguard Institutional Index Fund, a passive domestic large-cap equity fund managed by Vanguard Group; the J.P. Morgan Large Cap Growth Fund, an active domestic large-cap growth equity fund managed by J.P. Morgan Asset Management; and the MFS International Diversification Fund, an active international equity fund managed by MFS Investment Management.
As of Dec. 31, the three funds had $83 million, $69 million and $33 million, respectively, in assets in the plan, according to the new 11-K filing.
A comparison of this year's 11-K filing and last year's 11-K filing shows the plan removed six funds from its investment options lineup in 2020.
The plan removed the Dryden S&P 500 Index Fund, a separate account managed by QMA; the T. Rowe Price Growth Stock Fund, an active domestic large-cap growth equity fund managed by T. Rowe Price Group; and the ClearBridge International Growth Fund, an active international growth equity fund managed by ClearBridge Investments.
Those investment options had $49 million, $39 million and $14 million, respectively, in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
Also removed were the AllianzGI NFJ Mid Cap Value Fund (now the Virtus NFJ Mid-Cap Value Fund), an active domestic midcap value equity fund managed by AllianzGI Investors and subadvised by NFJ Investment Group; the American Funds Capital World Growth and Income Fund, an active global large-cap equity fund managed by Capital Group; and the American Beacon International Equity Fund, an active international value equity fund managed by American Beacon Advisors and subadvised by American Century Investments, Causeway Capital Management and Lazard Asset Management.
Those investment options had $12 million, $10 million and $3 million, respectively, in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
The reasons for the investment options changes were not disclosed in the new 11-K filing.
As of Dec. 31, the Sirius XM Radio 401(k) Savings Plan had $771 million in assets, according to the new 11-K filing.
Sirius XM spokesmen Patrick Reilly and Hooper Stevens could not be immediately reached for further information.
