Institutional Fund Consultants Inc., Madison, Wis., closed after its president, Gordon L. King, retired.
The consulting firm had 16 pension fund clients, ranging in size from $4 million to $200 million, mostly in the Midwest, he said.
Mr. King said he tried to sell or merge his company, but "a couple of firms backed out" near completion of a deal. "We weren't a large plum that would be really attractive to a big organization."
He was the only professional at the firm.
Some clients, although not all, may seek new consultants.
One client, the $10 million Brazeway Inc. defined benefit fund, Adrian, Mich., earlier this month hired Asset Strategies Portfolio Services Inc., Bloomfield Hills, Mich., to replace Mr. King's firm, said Judith L. Schafer, manager-compensation and benefits.
The company conducted its search after Mr. King informed it of his retirement.
Asset Strategies will provide performance measurement and other consulting services.
Rank America Inc., Atlanta, which used IFC for performance evaluation and projects for its $50 million 401(k) plan, has no plans to seek a new consultant, said Richard C. Snodgrass, vice president-human resources. Rank plans to use its existing vendors for consulting services, such as T. Rowe Price Associates Inc., its record keeper, in reviewing portfolio returns.
Mr. King's largest client, Sedgwick James Inc., which became Sedgwick Noble & Lowndes, Roseland, N.J., decided to do its consulting work internally.
