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.
MFS Investment Management and T. Rowe Price Group were the other finalists.
Record keeper Empower Retirement assisted.
The 457 plan has 18 individual investment options and a target-date fund lineup managed by Vanguard Group.