Alcan Adminco Inc., Montreal, hired Natcan Investment Management for its C$3 billion (U.S. $2.18 billion) pension fund, said Reynald N. Harpin, vice president-pension investments. It will run C$200 million in Canadian equities. Assets come from T.A.L. Investment Counsel, which was dropped.
Quadion Corp., Minneapolis, hired Putnam Institutional Management as bundled provider for its defined contribution plans and investment manager for its two defined benefit plans. Putnam will handle $55 million in profit-sharing, money purchase and 401(k) plans, offering seven equity and bond funds and three lifestyle funds to participants. The previous manager, Frank Russell, offered three options; NationsBank was trustee and Mercer, record keeper. Putnam also will use a balanced approach to run $10 million in defined benefit assets, again replacing Frank Russell.
State Loan and Investment Board, Cheyenne, Wyo., hired Fayez Sarofim to manage an initial $20 million in large-cap growth equity. The $2.5 billion fund will make the placement and future monthly installments of $10 million from cash. R.V. Kuhns assisted.
Lincoln Electric Co., Cleveland, increased the number of options for its $25 million 401(k) plan to 12 from nine. Added were the EB Magic Fund, American Income Balanced Fund and the Franklin Small-Cap Fund.