ConAgra Inc., Omaha, Neb., chose State Street Bank & Trust Co. as custodian for $1.5 billion in assets in its defined benefit and 401(k) plans, replacing Northern Trust. ConAgra decided to move back to State Street, which had been its custodian from 1985 to 1992, because it wanted to address ``service issues'' related to merging the plans of other companies acquired through mergers, said Donald Winters, director of employee benefits. The search was done in-house, no other searches are planned.
Troutman Sanders L.L.P., Atlanta, hired First Union National Bank of Georgia, to provide bundled services for its $23 million 401(k)/profit-sharing plan. First Union, which has been providing quarterly recordkeeping for the plan in an unbundled format, will take over much of the investment management of the plan, as well as move the plan to daily valuation.
Five First Union/Evergreen mutual funds will be offered, along with two funds from Fidelity Investments, one from Janus, and one from Templeton. First Union also will provide an automated voice-response system, employee communications and investment education, and continue as the plan's trustee.
The plan will be fully converted to the new program by April 1, said Stanley Hackett, a partner in the law firm. The plan now offers a First Union Money Market fund, which will be discontinued. The plan's other two options, a balanced and a fixed-income collective trust, managed by Mowell Financial, also will be dropped.
Trustees of the $26 million Transit Police Retirement Plan, Washington, hired two managers - Woodford Capital Management for $8 million in growth stocks and Voyageur Asset Management for $8 million in core fixed income, said Charles Ullmann, chairman of the board of trustees. The money will come from Duff & Phelps Investment Management Co., which was terminated for poor performance. Duff & Phelps Senior Vice President Robert Schank was unavailable for comment.
Segal Advisors assisted.
The $110 million Bristol County Retirement System, Taunton, Mass., hired Freedom Capital to run $50 million in equities. The portfolio formerly was managed by BayBanks. Freedom has discretion to tilt the portfolio's weight toward either growth or value stocks, depending on market conditions.
The fund is close to choosing a general consultant. It has interviewed finalists but board members have not yet met to discuss the candidates