International Paper Co. pension fund, Purchase, N.Y., hopes to decide on a consultant by June to help with the asset allocation study it is conducting, said Robert Hunkeler, director of investments. The pension fund, with $3.5 billion in assets, does not currently have any consultant on retainer, Mr. Hunkeler said.
Mercury Asset Management Group's assets under management grew to £89.7 billion ($146.5 billion) as of March 31, up 10.7% from £81 billion a year earlier. The gain was made despite the loss of £1.8 billion managed by Swiss subsidiary Mercury Bank, which was sold to Republic National Bank of New York (Suisse). Pre-tax profits before exceptional items during the fiscal year ended March 31 grew to £171.3 million from £140.4 million.
T. Rowe Price enhanced services offered to mid-sized defined contribution plans by offering record keeping for company stock and an expanded menu of external investment options. Self-directed brokerage services will be added soon, a company spokesman said.
Plans with 200 to 1,000 employees and assets of up to $30 million also will have access to improved participant education and outsourcing services including enrollment, loans, changes in deferral amounts and distributions by phone.
CORRECTION: Riggs Investment Management did not claim former CIO Robert A. Von Pentz stole a proprietary investment computer model for his new company, as was reported in Wednesday's P&I Daily. The firm claimed he took too much credit for creating it. A federal district court in Washington, however, ruled that Mr. Von Pentz created the model and deserved all the credit.
