The Scotts Co., Marysville, Ohio, hired Fidelity Institutional Retirement Services as bundled provider for its $85 million savings plan. Scotts will offer 11 Fidelity funds, a company stock fund and the Baron Asset Fund. A company spokesman declined to discuss the plan's previous service provider or investment information.
Trustees also considered VALIC as an investment manager for the program, but thought VALIC's fee structure was too high, said James M. Hacking, executive director of the $8.2 billion system. VALIC will be allowed to come back to the board with a reduced and revised fee structure, within about two weeks.
The program likely will be operational by April 1. The board will decide by the end of November, with input from consultant Deloitte & Touche, how many and which investment options will be offered.
Mitsubishi Corp. pension fund, Tokyo, hired NatWest Gartmore Investment Management Japan to manage a pan-European equities portfolio of £19 million ($30.8 million), said a Gartmore spokesman in London. NatWest Gartmore was one of five managers selected to handle non-Japanese equities portfolios for the ¥150 billion ($1.24 billion) Mitsubishi fund. The other managers couldn't be learned.
Middlesex County Retirement System, Cambridge, Mass. hired H.C. Wainwright as its investment consultant. The consulting firm's name was incorrect in the Oct. 7 P&I Daily