A fund managed by EII Capital Management is about to be removed from the line-up at two Boston University retirement plans.
The removal of EII Global Property Fund Class Institutional is set to take effect Sept. 8.
According to a notice on the university's website, the change was made "as a result of a recent review." A more specific reason was not provided, and Nimet Gundogan, executive director of benefits, did not immediately respond.
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"All existing balances and future contributions," the notice said, would be transferred from EIIGX to a new investment option. Presently listed as the new investment option are 12 Vanguard Target Retirement Funds Investor Shares target-date funds covering a range of ages.
The notice also said, "Boston University plans to add a replacement investment option to the Plan's fund lineup for the E.I.I. Global Property Fund Class Institutional that it believes has reasonably similar investment objectives. Further information regarding the new investment choice addition will be provided at a later date."
EIIGX had been added to the plan approximately a year ago.
One notable difference between EIIGX and the Vanguard funds being added is the expense ratio, which for the former is 1.01 percent as of July 28, and for the latter ranges from 0.16-0.18 percent as of the same date.
According to BU's most recent Form 5500 filings, its 403(b) plan had about $1.6 billion in assets and its supplemental plan had $573 million in assets as of Dec. 31, 2012.
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