Firefighters Pension and Relief Fund for the City of New Orleans hired Scudder Kemper Investments and Loomis Sayles as its first high-yield bond managers.Each firm will ma nage $10 million for the $170 million fund. Loomis already manages $15 million in U.S. stocks.
Funding will come from existing core bond managers, none of which will be terminated.
Smith Barney assisted.
Charlotte Firefighters R etirement System, N.C., hired Wachovia Bank as custodian to replace United Carolina Bank.
UCB was not included in the search, which was initiated after the bank's acquisition by Branch Bank & Trust.
Callan Associates assisted.