has selected Goldman Sachs Asset Management
for its large cap growth offering, a spokesperson with the former told the MutualFundWire.com. Cigna is allocating $710 million to be sub-advised for that offering.
Goldman Sachs will utilize the strategic growth strategy for this mandate. Cigna's offering is available only to participants in its 401(k) plans.
Goldman Sachs replaces Putnam
, which previously sub-advised the offering. The spokesperson contended that Cigna takes a "best-in-class" approach to selecting sub-advisors for its 401(k)-targeted investment options.
"This should be pretty seamless for participants," the spokesperson reported. "They will continue to see the large cap growth portfolio as one of the portfolios we offer. Only the sub-advisor has changed."
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