The Northeast Utilities Service Co., New Berlin, Conn., selected separate funds managed by Frank Russell and Morgan Stanley Asset Management to make its first move into international for its $425 million 401(k) plan.
Northeast Utilities executives chose Frank Russell's Global Balanced fund, a multimanager fund with an allocation of 50% U.S. stocks, 10% non-U.S. stocks, and 40% fixed income. The company also selected a Morgan Stanley commingled international equity fund, bringing total options in the plan to eight, an analyst at the fund said.
The search was conducted in-house
