The Carpenters Pension Trust of St. Louis might search for a growth equity manager to replace Mark Twain Bank, said John Stewart controller. Mercantile Bank is acquiring Mark Twain, which runs a $55 million large-cap growth portfolio for the $670 million pension fund.
Mr. Stewart said the fund is concerned Mercantile might absorb the portfolio's management into the value style and team approach it has, which isn't what the fund wants. Mercantile and Mark Twain officials didn't return calls for comment.
Mr. Stewart expects the fund to decide in January whether to move ahead with a search. Fiduciary Consultants is assisting the fund.
