Hewitt Associates will scale back its West Coast investment consulting operation, leaving the region without an investment consultant for the first time in 17 years.
Noel B. Feldman, partner-western region and Hewitt's investment consulting specialist for the western United States, will leave the company's Newport Beach, Calif., office to join an investment management firm in April. Mr. Feldman would not disclose the name of the firm he plans to join, but said he probably will be involved in the "business development" aspects of the business.
All West Coast clients now will be served from Hewitt's Lincolnshire, Ill., headquarters.
Mr. Feldman was responsible for all investment management consulting activities in the western United States. He had 14 retainer clients and an equal number of non-retainer clients.
Only one retainer client, ACX Technologies Inc., the non-brewing business operation of the Coors Brewing Co., Golden, Colo., has terminated Hewitt because of the change. ACX has $40 million to $50 million in pension assets. But, said Mr. Feldman, "three or four smaller situations were told (by Hewitt) that they should be making other consulting arrangements."
Mr. Feldman said he is leaving because of the consolidation. He said he is taking the investment management job in order to remain on the West Coast and not relocate to Lincolnshire.
A Hewitt spokeswoman said the company is evaluating how it plans to serve the West, and no decision has been made on restaffing the Newport Beach investment consulting operation. Hewitt also offers investment consulting in its Atlanta and Rowayton, Conn., offices.
Mr. Feldman said he expects his clients to remain with Hewitt following a "get-acquainted period."
