Champion International Corp., Stamford, Conn., hired State Street Bank as master trustee of its $2.2 billion pension fund, said Donald Desfosses, assistant treasurer.
State Street replaces Northern Trust; State Street was chosen for its higher level of technology after a four-month search, he said.
The fund also terminated Target Investors as small-cap growth manager; its $30 million portfolio will be distributed to existing managers. Target had underperformed its benchmarks for the last two years, said Mr. Desfosses. Recent performance had not been as good as long-term performance, said Robert Zuccaro, president of Target Investors.