Boeing Co., Seattle, hired State Street Bank to provide record keeping and most investment management for the company's $7 billion-plus Combined Voluntary Savings Plan, sources said. Boeing had been handling the record keeping in-house and managing most of the assets internally.
Boeing spokesman Paul Binder said company officials haven't made a final selection, but consultants and others confirmed the hiring. Those familiar with the deal said State Street Bank will run the bulk of the assets in passive commingled funds to reduce investment management fees. Other options haven't been determined, but could include a limited group of mutual funds. An internal committee reportedly is choosing the funds.
Three other firms were finalists - Hewitt Associates, T. Rowe Price and American Express, sources said.