University of Maine System is adding the MassMutual Select Small Cap Growth Fund to its defined contribution plan lineup, said Tracy Elliott, director of finance and controller of the Bangor-based university.
The university's investment committee at its May 17 meeting approved adding the active domestic small-cap growth equity fund managed by MML Investment Advisers and subadvised by Wellington Management to replace the Carillon Eagle Small Cap Growth Fund due to performance concerns, Ms. Elliott confirmed.
The Carillon Eagle Small Cap Growth Fund is managed by Carillon Tower Advisers and subadvised by Eagle Asset Management. Officials at Carillon Tower Advisers could not be immediately reached for comment.
The system has four 403(b) plans, two 401(a) plans and one 457 plan with combined assets of $1.9 billion. As of March 31, the Carillion Eagle Small Cap Growth Fund had $6 million in assets in the plans.