Continental Airlines, Houston, hired Bankers Trust as master trustee of its $500 million defined benefit plan.
Bankers Trust replaced State Street Bank, said John C. Morris, managing director of treasury operations at Continental. This was the first time in 10 years the company had taken bids for master trustee. Bankers Trust offers a local office and more reasonable prices, he added. DeMarche Associates assisted.
Cytec Industries, West Patterson, N.J., added four investment portfolios from Vanguard to its $260 million 401(k) plan, said Thomas Wozniak, treasurer.
It added an international growth equity fund, a small-cap stock fund and two lifestyle funds - one conservative, the other aggressive.
The plan also dropped a Vanguard bond fund, which had less than 2% of the participants' total assets.
The changes bring to eight the total investment portfolio choices offered by the plan. Vanguard provides seven investment options.