Texaco Inc., White Plains, N.Y., added seven minority- or woman-owned managers to the roster for its $1.5 billion defined benefit plan.
Ariel Capital Management and Brown Capital Management will run equities. Hughes Capital Management, Payden & Rygel, Smith Graham and Utendahl Capital Management will manage fixed-income portfolios. Chapman Co. will manage a $10 million in an emerging markets equity fund.
Although Texaco did not specifically identify source the of assets or how much each manager other than Chapman will manage, a spokesman for the company said that the fund was reducing its overall equity allocation and shifting more assets into fixed income. Minority-owned WR Lazard already manages $31 million in fixed income.
Manager searches were done internally and with consultant Wilshire Associates.
Texaco officials earlier said the company would add minority owned managers as a result of its recent settlement of a racial discrimination suit.