The $150 million managed by Baring was placed in State Street Global's EAFE Index fund. The $37 billion fund will decide in the next six to nine months whether to replace the international equity manager, said Howard J. Bicker, executive director.
The firm was dropped because of concerns over staff turnover.
U.S. equity managers Investment Advisers, Wilke Thompson and Winslow Capital will be re-interviewed by the investment committee in September because of staff turnover or performance concerns. The committee will then recommend whether to te rminate those firms. Montgomery Asset Management was placed on probation for the next six months because of its acquisition by Commerzbank. Richards & Tierney assisted.
Bank of America will restructure its asset management business, creating two business units.
The Asset Management Group will combine all asset management activities of both BankAmerica and Robertson Stephens & Co., following the completion of BankAmerica's acquisition of Robertson Stephens lat er this year. G. Randy Hecht, now COO and president of asset management, will head the group.
The Global Private Bank will combine in one organization the bank's private banking and trust services, previously managed separately.
The Board of Public Utilities of Kansas City, Kan., is starting an asset allocation study of its $250 million defined benefit plan.
DeMarche Associates is expected to give its recommendations to the fund's board Oct. 24. The fund n ow has 80% of its assets with UMB Bank in a balanced portfolio; 10% in U.S. equity managed by Dalton, Greiner, Hartman, Maher; 6% in an international equity with Lazard Freres; and 4% in real estate commingled portfolios, split bet ween Prudential and MetLife.