The $25 million Attleboro (Mass.) Municipal Contributory Retirement System picked Segal Advisors as its first consultant, said Richard V. Boucher, city treasurer and trustee. Segal's first task will be to conduct an asset allocation study for the system. The fund's current allocation is about 32% in government securities, 24% in corporate bonds, 42% in equities and 2% in cash equivalents.
C. Lloyd Johnson Co. Inc., Norfolk, Va., hired T. Rowe Price to provide a fully bundled service for its 401(k) plan and act as investment manager and trustee for its pension plan. The plans have combined assets of $14 million. Formerly, the plans had an unbundled approach, with NationsBank providing trust, administration and record keeping and two managers providing investment services: Kanawha Capital and Wedge Capital. Now, the 401(k) plan's 300 participants will choose from 10 investment options. The plan will be valued daily.