SEARCHES & HIRINGS
Making its first move to specialty management, the C$140 million (U.S.$103 million) Gaz Metropolitain & Co. pension fund, Montreal, hired two managers, reassigned two others and dropped one, said Edward Doucet, director-compensation and employee services.
Morgan Stanley Asset Management will run 10% of total assets in international equities; Bolton Tremblay will run 35% in a balanced fund, with authority to invest 5% in international securities.
The fund reassigned St. Lawrence Financial Consultants, which had run 10% in a balanced fund, to now manage 20% of total assets in domestic fixed income. T.A.L. Investment Counsel, which had run 45% in a balanced fund, now will run 35% in a balanced fund, with authority to invest 5% in international securities.
The fund dropped Montrusco Associates, which ran 45% of assets in a balanced fund. Les Conseillers Optimum, its consultant, assisted.
Ferrell Cos. Inc., Liberty, Mo., hired Jurika & Voyles to run a large-cap blended growth and value portfolio as a new option for its $40 million 401(k) plan. The option was added to round out the offerings which range from GICs to aggressive growth stocks along the risk spectrum, according to Dan K. Sheldon, chief financial officer.
USAir Inc., Arlington, Va., will add the Neuberger & Berman Guardian fund to its defined contribution plan options starting in April, said Richard S. Lustig, director of pensions. The fund will be available to participants in the airline's money purchase, 401(k) and profit-sharing plans. Company stock and nine Fidelity mutual funds now are available. USAir's defined contribution assets total $744 million.
This month, USAir likely will make its first contribution to the profit-sharing plan since it was set up in January 1993. The airline, which has been plagued by financial troubles, is expected to report better-than-expected profits for 1995.
Diversified Investment Advisors, Purchase, N.Y., hired Putnam Investments as subadviser for a $100 million growth equity portfolio. Jim Adams, investment analyst at Diversified, said Putnam replaces a terminated manager he declined to name. He said the change was based on performance and because Putnam's style offers access to a broader portion of the equity market.
The Minnesota Education Association, St. Paul, hired Scudder, Stevens & Clark as the bundled provider for its $4 million 401(k) plan, said Carlos Moreno, controller. Of the eight investment options offered by the MEA, seven now are managed by Scudder: GICs, balanced, income, growth and income, small cap, indexed equity and international equities. A Midwest equity fund is managed by First Bank.
The plan had five options managed by Investment Advisers Inc. and Metropolitan Life. The previous record keeper was a local accounting firm. Jeffrey Slocum & Associates assisted with the hire