SEARCHES & HIRINGS
Charlotte Firefighters Retirement 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 assisted.
Also, trustees will interview eight firms on Feb. 11 for equity mandates. For large-cap value equity: First Union National Bank; Flippin, Bruce & Porter; Institutional Capital; and Loomis Sayles. Mid-cap value equity: Boston Co.; B oston Partners; Snyder Capital and Wedge Capital. One manager will be hired for each asset class. First Union now manages the combined $51 million portfolio: 85% in large-cap and 15% in midcap stocks.
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 manage $10 million for the $170 million fund. Loomis already manages $15 million in U.S. s tocks.
Funding will come from existing core bond managers, none of which will be terminated.
Smith Barney assisted.
