SOUTHGATE, Mich. - The $35 million ASC Inc. 401(k) and profit-sharing plan hired existing managers Scudder, Stevens & Clark and Fidelity to manage two additional funds each, said Michael K. Richotte, benefits analyst.
The plan added a Scudder guaranteed investment fund, a Scudder growth-and-income equity fund and Fidelity's Equity Income Fund II and Contrafund.
The additions bring to 12 the total number of options. Scudder runs nine portfolios and Fidelity manages three options.
WAYNE, N.J. - Moving to outside investment management, the $5 million 401(k) plan of Louis Berger International Inc., Wayne, N.J., hired Scudder, Stevens & Clark to provide bundled investment management and record keeping, said Emilio Medina, staff accountant who oversees the plan.
Scudder will manage the entire plan, offering five funds. Previously, participants had no investment choice because the 401(k) investments were managed in-house in fixed income, Mr. Medina said. Record keeping also was handled internally.
No consultant was used in the search.Ceridian Corp.
MINNEAPOLIS - Ceridian Corp. hired Merrill Lynch to administer a new employee stock purchase plan, said John Grierson, vice president and treasurer.
The plan allows employees to buy Ceridian stock, with the company paying fees and administration costs, at 85% of market price.
STAMFORD, Conn. - GE Investments was hired by five small companies for defined contribution plan management, using GE's turnkey small plan bundled program.
GE will coordinate full plan services to the 401(k) plans of West Carol National Bank, Bastrop, La., with 75 employees, and Rittenhouse Development Co., Philadelphia, with 225 employees.
The following companies hired GE to provide services for start-up 401(k) plans: Luddy Chevrolet, Holden, Mass., with 40 employees; Eltron Supply Ltd. Inc., Queens, N.Y., with 50 employees; and the Channing Corp., Boca Raton, Fla., with 22 employees.
Each plan will be provided with full services, including daily valued record keeping, trust and administration and employee communication and education.
Trust Consultants will provide record keeping and administration through an alliance with GE. State Street Bank & Trust will provide trust services through a similar alliance. Sponsors may choose plan investment options from a list of eight diversified mutual funds, all managed by GE.Klockner Namasco Corp.
GARDEN CITY, N.Y. - Klockner Namasco Corp. hired Scudder Defined Contribution Services to provide daily valued bundled services for its $10 million 401(k) plan. The plan, which will be implemented April 1, will offer five diversified Scudder investment options. Scudder will provide trust and administration, operator-assisted and automated voice-response telephone systems, employee communications, education and training.
The plan now is unbundled, using monthly record-keeping services from Watson Wyatt and investment management from Prudential and Oppenheimer.
The company is moving to new service providers only for daily valued, bundled services, which its current providers do not offer, said Joseph Costa, corporate manager of human resources.
KPMG Peat Marwick assisted.
BOSTON - Liberty ALL-STAR Growth Fund Inc., Boston, selected Mississippi Valley Advisors Inc. as one of its three subadvisers, effective Jan. 2.
Mississippi Valley, a growth-style portfolio manager, replaces Cooke & Bieler.
The change was made as part of an "ongoing review of managers which was thought to be in the best interest of the shareholders," said William Rice, a Liberty spokesman.
The fund's other two portfolio managers are Oppenheimer Capital and Provident Investment Counsel. The fund manager is Liberty Asset Management Co.
Liberty ALL-STAR Growth Fund Inc. is a closed-end investment company with net assets of $125 million.Massachusetts PRIT
BOSTON - The $6.6 billion Massachusetts Pension Reserves Investment Trust, invested $45 million in two private equity and venture capital limited partnership funds.
CVC European Equity Partners, a European buy-out fund headquartered in London, received a commitment of $25 million.
Willis Stein & Partners, a buy-out fund focusing on middle-sized companies in the Midwest, received $20 million.
Northern Telecom (UK)
LONDON - Northern Telecom (UK) named State Street London as global custodian for $675 million (450 million) of the $1.35 billion assets in its Common Investment Pension Fund.
Northern Telecom had previously used its fund managers to provide custody services.
River Oaks Trust
HOUSTON - River Oaks Trust has been named custodian by three Texas-based organizations.
Selecting River Oaks were: the $36 billion Houston Symphony Society; the $3 million Sheet Metal Workers Local Union 54, Houston, health and welfare and apprenticeship funds; and the $7 million profit-sharing plan of Coburn Supply Co., Beaumont.
Each of the three previously had used Texas Commerce Bank.
RICHMOND, Va. - Sterile Concepts Inc. hired Scudder Group Retirement Services to provide fully bundled services for a start-up 401(k) plan it introduced Jan. 1.
Three Scudder-managed investment options are offered, in addition to a company stock option.
The Sterile Concepts plan also uses Scudder's daily valued record-keeping system, trust and administrative services, and its automated voice-response system.
Sterile Concepts' staff will work with Scudder to develop employee communications and educational materials, said Elissa Echer, director of human resources. Foster Higgins assisted.
SAN DIEGO, Calif. - Sudberry Properties Inc. hired Union Bank to provide investment management, record keeping and administration for its $190,000 401(k) plan. In addition to using five of Union Bank's Stepstone mutual funds, Sudberry will use Fidelity Overseas for international.
Principal Financial Group had been the bundled provider.
SWAMPSCOTT, Mass. - The $13 million Swampscott Retirement Fund hired Freedom Capital Management to run its assets in a balanced fund.
Other finalists in the search were BayBank; Massachusetts Pension Reserves Investment Trust; and the deBurlo Group, the fund's previous manager.
WOBURN, Mass. - The $40 million Woburn Retirement System invested $1 million with the Massachusetts Pension Reserves Investment Trust.
It is the fund's first investment in PRIT. Its primary investment manager is David L. Babson.
Assets came from new contributions.