Comdisco, Inc., Rosemont, Ill., hired Putnam as a semibundled provider for its $100 million defined contribution plan. Previously, the plan was handled internally. Putnam and T. Rowe Price will provide nine funds plus a company stock fund, said Jerry Fitzgerald, plan trustee.
DiMeo Schneider assisted.
St. Luke's Shawnee Mission Health System, Kansas City, Mo., hired Summit Strategies as its first consultant to help oversee the pension, corporate and endowment assets. Summit will review allocation of all of the system's $400 million in combined assets. Officials hope to be finished with the review early next year, said Ron Bremer, CFO.
Knowles Electronics Inc., Itasca, Ill., hired T. Rowe Price as a bundled provider for its defined contribution plan.
The $23 million plan now has options provided by T. Rowe Price, Dodge & Cox, Vanguard and American Funds. The new plan will offer six options plus three lifestyle funds.
Plan officials have yet to decide whether funds offered by other firms also will be offered, said Alan Perry, vice president of human resources. DiMeo Schneider assisted.
Metropolitan Government of Nashville and Davidson County Benefit Board, Nashville, hired Montag & Caldwell to manage $51 million in large-cap growth stocks. The funding for the hire came partly from the termination of Lee Danner & Bass, which managed $40 million in large-cap growth, and from the reallocation of assets among existing managers.
Lee Danner was terminated because of ``below-standard performance,'' said James Luther, executive director. John Lee, president of Lee Danner, would not comment on the termination.
The fund also terminated SunTrust as an intermediate fixed-income manager for performance reasons.
``While we have exceeded our target over a 10-year period, we have not over the last two to three years. We therefore understand why they have taken this action,'' a SunTrust spokesman said. The firm ran $25 million for the fund.