Visa USA Inc., Foster City, Calif., hired Wells Fargo to replace Chase Manhattan as master trustee for its $96 million defined benefit plan. Chase Manhattan was terminated because of problems with the bank's East Coast location and the three-hour time difference between the fund and the firm, said Susan Sparks, pension consultant at Visa.
The change to Wells Fargo will take place Oct. 1. The firm is also the fund's only investment manager.
Sound Shore will run $40 million in an active account and State Street, $50 million in a Russell 1000 value index fund. Richard Connell, vice president and treasurer, would not identify the manager both firms are replacing. Evaluation Associates assisted.