SEARCHES & HIRINGS
Aramark Corp., Philadelphia, is doing a preliminary search for an international equity mutual fund to add to its more than $500 million in 401(k) funds. Daniel Corcoran, benefits financial analyst, said the board could make a decision in the first quarter of 1998. Aramark, which offers seven options now, is doing the work in-house.
The company has five plans, all with the same options, using an unbundled approach, with two record keepers and three investment managers and a separate trustee.
Baton Rouge Area Foundation, Baton Rouge, La., hired four new managers.
They are: Fox Asset Management, $8 million in large-cap value and $10 million in core U.S. fixed income; Cohen, Klingenstein & Marks, $5 million large-cap growth; ICM Asset Management, $3 million in small-cap value; and Brandes Investment Partners, $6 million in core international equity.
Bank One had managed $30 million in a balanced portfolio and will continue to manage $5.5 million which is part of the fund's assets from affiliated organizations.
The rest of the $75 million foundation will remain in real estate and limited liability companies, said John McKowen, director of finance. Legg Mason assisted.