SEARCHES & HIRINGS
True North Communications Inc., Chicago, hired Fidelity as bundled provider for its $170 million profit-sharing and 401(k) plan.
Thirteen investment options will be offered, of which seven are Fidelity funds: Fidelity Managed Income; Fidelity Growth & Income; Fidelity Spartan U.S. Equity Index; Fidelity Diversified International; and three lifestyle funds. Others are PIMCO Total Return; Neuberger & Berman Genesis; Oakmark Fund, run by Harris Investments; Janus Overseas; company stock; and a self-directed brokerage option.
Previously, Mercer was the plan's administrator and record keeper and Citibank was trustee. Previous investment choices were a balanced option managed by Columbus Circle, Newbold, MacKay Shields, Templeton and Morgan Grenfell; U.S. and international bond funds managed by Brinson Partners; and a money market fund from by Citibank.
New York Common Retirement Fund, Albany, added HLM Management as a small-cap U.S. growth manager in its emerging manager pooled fund, said H. Carl McCall, sole trustee of the $90 billion fund.
HLM will get $22 million, replacing Apodaca Investment Group. Tina Poitevien, president of FIS Funds Management, which oversees the pooled fund, said the change reduces the fund's exposure to momentum style investing.
Nationwide Life Insurance, Columbus, Ohio, added 39 investment options from 13 firms to its BEST OF AMERICA FUTURE Annuity program. Hired were: American Century; Dreyfus; Federated Investment; Fidelity Management & Research; J.P. Morgan; Morgan Stanley Asset Management; Neuberger & Berman; OppenheimerFunds; Salomon Brothers; Strong Capital Management; United Asset Management; Van Eck Associates; and Warburg Pincus.
Five funds from Nationwide Advisory Services, an affiliate, also will be available.