Texaco Inc., Harrison, N.Y., probably will search for minority money managers as a result of settling a racial discrimination suit. Peter I. Bijur, chairman and chief executive officer, said in a statement: ``We will increase the amount of business we do with minority companies,'' including investment management.
Mellody Hobson, senior vice president of Ariel Capital Management, a minority manager, said she was told by a Texaco executive in the last few weeks that company officials have asked its consultant, Wilshire Associates, to compile a list of minority managers. A Wilshire executive declined to comment. A Texaco spokeswoman said company executives are working on how to boost the use of minority firms in investment management. She said there are no specifics yet. It has a $1.2 billion defined benefit plan and a $2.1 billion 401(k).