The Academy of the New Church endowment fund, Bryn Athyn, Pa., hired Reich & Tang for a $20 million small-cap value mandate, replacing Pitcairn Co., said Faith Ebert, assistant for investments at the $232 million fund. She wouldn't say why Pitcairn was let go. Cambridge was the consultant.
ProCoil Corp., Canton, Mich., hired Putnam to manage a bundled 401(k) plan for union and non-union employees, said Christopher Swartwout, controller. He declined to give the size of the plan. Putnam replaces KPMG Peat Marwick, who had provided record keeping, and Fidelity, the plan's investment manager. Nordstrom Pension Consulting assisted with the search.