SEARCHES & HIRINGS
Chicago Mercantile Exchange is searching for a new investment option for its $26 million 401(k) fund, said Paul O'Kelly, senior vice president and general counsel.
``I hope in the next year to add a fund or funds,'' he said. The exchange has no timetable for completing the search.
The fund offers 11 investment choices managed by Fidelity. He said the fund will look at managers outside Fidelity and its network. The exchange wanted a dozen choices when it set up the plan two years ago, but din't find a 12th to its liking, he said. But 12 funds isn't a limit, he added.
He said the fund could add more than one new choice to integrate with the Fidelity choices. He said officials are considering emerging markets or another international portfolio, although they will look at other areas as well.
Wisconsin Public Service Corp., Green Bay, Wis., will add the Vanguard Total Market Portfolio to the seven options currently in its $125 million 401(k) plan. Fidelity also was a finalist in the in-house search, said Jerry Myers, manager-employee benefit administrator committee.
The company also hired Oechsle International as an international equity manager for its $100 million VEBA plan. The firm will run $10 million, which will come from fund rebalancing. No consultant was used.
Atlas Asset Management Inc., Toronto, named Newcastle Capital Management to run the C$360 million (U.S.$254 million) Atlas Canadian T-Bill Fund, which was previously managed by Salomon Brothers.
Salomon remains the portfolio manager for Atlas Canadian Money Market Fund and Atlas American Money Market Fund, as well as the Atlas World Bond Fund. Newcastle also manages the Atlas American RSP Index Fund and the Atlas International RSP Index Fund.