SEARCHES & HIRINGS
Institute of Practitioners in Advertising Portable Pension Plan, London, hired Legal & General as its primary money manager. Murray Johnstone-Acumen, which provided four investment options for the £41.5 million (U.S.$68 million) defined contribution plan, retained only a £110,000 international equity portfolio. Officials there did not return calls by press time.
Nearly 90% of plan assets had been invested in the default option, an actively managed balanced portfolio, but trustees thought performance was mediocre, said Roger Newnes-Smith, secretary to the IPA trustee board.
Now £36.6 million in the default option has been transferred to a passively managed fund run by Legal & General. Legal & General, which already managed a £2 million cash option for the fund, also was awarded an active U.K. equity portfolio and a long-term bond portfoilio; it now manages nearly £40 million of the fund. Aon Consulting assisted.
Integrated Management Systems Inc., Beaverton, Ore., will add funds to its 401(k) plan. Three life cycle funds and an S&P 500 index fund from Vanguard and the Warburg Pincus Emerging Growth Fund bring the number of options for the $5 million plan to nine. Officials dropped the Janus Fund and the Columbia Special Fund. Arnerich, Massena & Associates assisted.
