SEARCHES & HIRINGS
American Airlines, Fort Worth, Texas, is searching for a master trustee to replace NationsBank, which is exiting the business.
NationsBank is trustee for the company's 401(k) plan, defined contribution plan and defined benefit plan, with a combined total of $9.1 billion in assets. A new master trustee should be hired sometime in 1997, said Nancy Eckl, vice president of AMR Investment Services. Fund executives plan to meet with Bankers Trust officials this week, she added. Bankers Trust last week announced plans to buy NationsBank's trust business.
Teamsters, Local 734, Chicago, hired PFA Trust Fund Advisors earlier this month to manage $10 million in domestic equities and probably will add a small-cap equity manager in the next couple of months to bolster manager diversification, said Erwin Pasch, administrator.
The $130 million Taft-Hartley plan will take $4 million from the fund's sole manager, Killian Asset Management, and the rest from cash. The new small-cap manager also would take a piece of Killian's assets, but trustees don't plan to terminate the firm, said Mr. Pasch. Investment Performance Services will assist.
The City of Ocala (Fla.) Employees' Retirement Plan, with $54.7 million in assets, will name finalists May 6 in a search for a balanced manager, said Glen L. Baker, the city's finance director. The plan wants to replace Barnett Capital, which runs $22.6 million, because of ``mediocre performance,'' Mr. Baker said.
The City of Ocala Firefighters' Supplemental Pension Plan, with about $6.8 million in assets, and the City of Ocala Police Officers' Supplemental Pension Plan, with $10.3 million, are ``sitting and listening'' in on the search, said George V. Robinson, trustee of the police pension fund. Both have their assets split between Barnett and Manning & Napier. Merrill Lynch is assisting.
The police fund is ``not particularly displeased with Barnett'' but is open to other firms, Mr. Robinson said.
Barnett officials could not be reached for comment.
Sarasota (Fla.) Firefighters' Pension Plan hired three managers in a restructuring that prompted the termination of the fund's two existing managers.
The $67 million fund hired Montag & Caldwell for $25 million in a balanced growth fund; STI for $25 million in a balanced value fund; and INVESCO for $17 million in a balanced value fund.
Newbold's was dropped because of personnel changes, and C.J. Lawrence because of performance, said Benita Saldutti, pension manager.
Bob Harris, managing director of C.J. Lawrence, said the firm had two bad quarters and had done an excellent job for the fund in the past.
Merrill Lynch assisted