Wisconsin Deferred Compensation Program, Madison, will add the J.P. Morgan U.S. Value Fund to its investment options lineup.
The $7 billion 457 plan's board approved the addition of the active domestic large-cap value equity fund managed by J.P. Morgan Asset Management at its Sept. 8 meeting, said Shelly Schueller, director of the deferred compensation program, in an email. JPAM is a new manager in the 457's plan lineup.
The board conducted a shortlist search after approving the termination of the American Beacon Bridgeway Large Cap Value Fund, a similar fund managed by American Beacon Advisors and subadvised by Bridgeway Capital Management, at its March 11 meeting. The termination was due to underperformance. A spokeswoman for American Beacon Advisors declined to comment at the time.
As of Dec. 31, the American Beacon Bridgeway Large Cap Value Fund had $19 million in assets in the plan.
Record keeper Empower Retirement assisted.
The 457 plan has 18 individual investment options and a target-date fund lineup managed by Vanguard Group.