Intel had internally managed the plan, which has $2 billion to $3 billion in assets, but hired an external manager as an efficiency and cost-savings move, Intel spokesman Tom Beermann told Dow Jones Newswires.
“As you can imagine, it’s quite a bit of work to manage a fund that large,” he said.
Beermann declined to name the investment manager, citing company policy, but said it’s “one of the largest asset managers in the US,” according to the report.
The change in management of the profit-sharing plan accounts for the drastically different size of Intel’s investment holdings at the end of the second quarter, according to the report. In a Form 13F filed Thursday with the Securities and Exchange Commission (SEC), Intel said it had equity investments valued at $341.5 million in 326 companies as of June 30.
However, in a Form 13F filed with the SEC May 15 for the first quarter, Intel had reported it held investments valued at $3.3 billion in 516 companies.