University of Oklahoma Selects Fidelity as Provider
Fidelity Investments has been selected by the University of Oklahoma
(OU) as the sole administrative service provider for its 401(a), 457
and 403(b) defined contribution retirement plans.
Fidelity’s offering to OU employees includes
comprehensive education and investment guidance, technology with online
enrollment capabilities, and a broad array of investment options
designed to meet various investor needs and preferences.The university’s retirement plans include more than 10,000
participants, representing approximately $1.2 billion in retirement
savings.
“Fidelity demonstrated an understanding of the
University’s desired goals and expectations for the plans’ recordkeeping
and represented the best value to the University,” said Chris Kuwitzky,
chief financial officer and chairman of the Retirement Plans Management
Committee, University of Oklahoma.
John
Ragnoni, executive vice president, Tax Exempt Business, Fidelity
Investments, noted: “In addition to easing the administrative burden of
maintaining multiple providers within their retirement plans,
consolidation has increasingly become a solution for many not-for-profit
employers, like the University of Oklahoma, in helping minimize
fiduciary risk and exposure and delivering a more beneficial plan for
employees.”
By using this site you agree to our network wide Privacy Policy.
According to the announcement, the
funds are the Prudential Floating Rate Income Fund, the Prudential
Absolute Return Bond Fund, and the Prudential Emerging Markets Debt
Local Currency Fund. Prudential Investments is the mutual fund family of
Prudential Financial Inc.
The
Prudential Absolute Return Bond Fund (A: PADAX): seeks “to generate
positive returns over time regardless of market conditions by investing
across a broad range of sectors and securities,” the company reported.The fund’s “flexible strategy uses a variety of
investment techniques, which may include managing duration and credit
quality, yield curve positioning, and currency exposure.”
The Prudential Floating Rate Income Fund
(A: FRFAX): invests primarily in floating rate loans and other floating
rate debt securities. Prudential said that floating rates loans have
historically offered attractive yield and stability in times of rising
interest rates.
The Prudential Emerging Markets Debt
Local Currency Fund (A: EMDAX) invests primarily in currencies and fixed
income securities denominated in the local currencies of emerging
market countries. “Many of these countries are growing faster, have less
debt, and maintain lower national budget deficits than their
counterparts in developed countries,” according to the announcement.
The portfolio managers for all three
funds are part of Prudential Fixed Income, which has about $270 billion
in assets under management as of December 31, 2010. The principal
managers for each fund average more than 20 years of industry
experience, according to the announcement.
“Today’s historically low interest
rates have many investors concerned that if rates start rising, it could
have a negative impact on their bond investments,” said Judy Rice,
president of Prudential Investments. “Two of our new funds help protect
against changing market conditions and may reduce interest rate risk,
while the third fund focuses on helping investors take advantage of
growing opportunities in developing markets.”